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Warianty tytułu
Języki publikacji
Abstrakty
We consider the median solution of the Newsvendor Problem. Some properties of such a solution are shown through a theoretical analysis and a numerical experiment. Sometimes, though not often, median solution may be better than solutions maximizing expected profit, or maximizing minimum possible, over distribution with the same average and standard deviation, expected profit, according to some criteria. We discuss the practical suitability of the objective function set and the solution derived, for the Newsvendor Problem, and other such random optimization problems.
Słowa kluczowe
Wydawca
Czasopismo
Rocznik
Tom
Strony
55--60
Opis fizyczny
Bibliogr. 17 poz., tab., wykr.
Twórcy
autor
- Independent Management Consultant & Author, Kolkata, India, p sinha@live.com
Bibliografia
- [1] Khouja M., The single-period (news-vendor) problem: literature review and suggestions for future research, Omega, 27, 537-553, 1999.
- [2] Qin Y., Wang R., Vakharia A.J., Chen Y., Michelle M.H., Seref M.M.H., The news-vendor problem: Review and directions for future research, European Journal of Operational Research, 213, 361-374, 2011.
- [3] Arrow K., Harris T., Marshack J., Optimal Inventory Policy, Econometrica, 19, 250-272, 1951.
- [4] Scarf H., Inventory theory, Operations Research, 50, 1, 186-191, 2002.
- [5] Dana Jr. J., Petruzzi N., Note: The newsvendor model with endogenous demand, Management Science, 47, 1488-1497, 2001.
- [6] Cachon G.P., Kok A.G., Implementation of the Newsvendor Model with Clearance Pricing: How to (and How Not to) Estimate a Salvage Value, Manufacturing & Service Operations Management, 9, 3, 276-290, 2007.
- [7] VanMieghem J., Rudi N., Newsvendor networks: inventory management and capacity investments with discretionary activities, Manufacturing & Service Operations Management, 4, 313-335, 2002.
- [8] Zhang B., Hua Z., A portfolio approach to multiproduct newsboy problem with budget constraint, Computers & Industrial Engineering, 58, 4, 759-765, 2010.
- [9] Choi S., Ruszczynski A., A multi-product risk-averse newsvendor with exponential utility function, European Journal of Operational Research, 214, 78-84, 2011.
- [10] Kabak I., Schiff A., Inventory models and management objectives, Sloan Management Review, 10, 53-59, 1978.
- [11] Lau H.S., The newsboy problem under alternative optimization objectives, Journal of the Operational Research Society, 31, 1, 525-535, 1980.
- [12] Eeckhoudt L., Gollier C., Schlesinger H., The risk averse (and prudent) newsboy, Management Science, 4, 786-794, 1995.
- [13] Keren B., Pliskin J., A benchmark solution of the risk-averse newsvendor problem, European Journal of Operational Research, 174, 1643-1650, 2006.
- [14] Wang C.X.,Webster S., The loss-averse newsvendor problem, Omega, 37, 93-105, 2009.
- [15] Wang C.X., Webster S., Suresh N.C., Would a riskaverse newsvendor order less at a higher selling price?, European Journal of Operational Research, 196, 544-553, 2009.
- [16] Schweitzer M.E., Cachon G.P., Decision bias in the newsvendor problem with a known demand distribution: experimental evidence, Management Science, 46, 404-420, 2000.
- [17] Su X., Bounded Rationality in Newsvendor Models, Manufacturing & Service Operations Management, 10, 4, 566-589, 2008.
Typ dokumentu
Bibliografia
Identyfikator YADDA
bwmeta1.element.baztech-30fa96bb-203d-4d00-ba5a-5a1f923371c2