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The median solution of the newsvendor problem and some observations

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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.
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Bibliografia
  • [1] Khouja M., The single-period (news-vendor) problem: literature review and suggestions for future research, Omega, 27, 537-553, 1999.
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bwmeta1.element.baztech-30fa96bb-203d-4d00-ba5a-5a1f923371c2
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