Economic Order/production Quantity (EOQ/EPQ) Models with Product Recovery: A Review of Mathematical Modeling (1967-2022)

This paper reviews the mathematics of the economic order/production quantity (EOQ/EPQ)based models in the reverse logistics (RL) literature. It starts with the seminal work of Schrady (A deterministic inventory model for reparable items. Naval Research Logistics Quarterly, 14(3), 1967, 391-398) up until December 31, 2022. It provides researchers with a road map of how the mathematics has evolved since the work of Schrady and saves them time and effort by avoiding the need to review the entire RL literature. As it unifies the notations for all reviewed models, it also provides some research pointers for promising topics to be pursued.