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2015 | 6 | nr 3 | 55--60
Tytuł artykułu

The Median Solution of the Newsvendor Problem and Some Observations

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
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. (original abstract)
Rocznik
Tom
6
Numer
Strony
55--60
Opis fizyczny
Twórcy
  • Independent Management Consultant & Author, Kolkata, India
Bibliografia
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  • [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.
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  • [8] Zhang B., Hua Z., A portfolio approach to multi-product newsboy problem with budget constraint, Computers & Industrial Engineering, 58, 4, 759765, 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, 5359, 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 risk-averse 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
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171399295

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