PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2017 | 12 | 9--21
Tytuł artykułu

Bicriteria Optimization in the Risk-Adjusted Newsvendor Problem

Autorzy
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
In this paper, we study the newsvendor problem with various degrees of risk tolerance. We consider bicriteria optimization where the first objective is the classical maximization of the expected profit and the second one is the satisficing-level objective. The results depend on the risk coefficient and are different for a risk-neutral, a risk-averse, and a risk-seeking retailer. We find the compromise solution of the bicriteria newsvendor problem numerically, since the two objectives are mutually conflicting. The formulas obtained are illustrated with exponentially distributed demand.(original abstract)
Rocznik
Tom
12
Strony
9--21
Opis fizyczny
Twórcy
  • Maria Curie-Skłodowska University in Lublin, Poland
Bibliografia
  • Arcelus F.J., Kumar S., Srinivasan G. (2012a), Bicriteria Optimization in the Newsvendor Problem with Uniformly Distributed Demand, 4OR Journal of Operations Research, 10, 267-286.
  • Arcelus F.J., Kumar S., Srinivasan G. (2012b), Risk Tolerance and a Retailer's Pricing and Ordering Policies within a Newsvendor Framework, Omega, 40, 188-198.
  • Bieniek M. (2016), Bicriteria Optimization in the Newsvendor Problem with Exponentially Distributed Demand, Multiple Criteria Decision Making, 11, 20-35.
  • Choi T.-M., ed. (2012), Handbook of Newsvendor Problems, International Series in Operations Research and Management Science, Vol. 176, Springer, New York, Heidelberg, Dordrecht.
  • Dia J., Mengb W. (2015), A Risk-averse Newsvendor Model under Marketing-dependency and Price-dependency, International Journal of Production Economics, 160, 220-229.
  • Gallego G., Katricoglu K., Ramachandran B. (2007), Inventory Management under Highly Uncertain Demand, Operations Research Letters, 35, 281-289.
  • Kabak I., Shiff A. (1978), Inventory Models and Management Objectives, Sloan Management Review, 19(2), 53-59.
  • Lau H.-S. (1980), The Newsboy Problem under Alternative Optimization Objectives, Journal of Operations Research Society, 31, 525-535.
  • Li J., Lau H., Lau A. (1991), A Two-product Newsboy Problem with Satisficing Objective and Independent Exponential Demands, IIE Transactions, 23, 29-39.
  • Őzler A., Tan A., Karaesmen F. (2009), Multi-product Newsvendor Problem with Value-at-Risk Considerations, International Journal of Production Economics, 117(2), 244-255.
  • Parlar M., Weng Z.K. (2003), Balancing but Desirable but Conflicting Objectives in the Newsvendor Problem, IIE Transactions, 35, 131-142.
  • Pinto R. (2016), Stock Rationing under a Profit Satisficing Objective, Omega, 65, 55-68.
  • Qin Y., Wang R., Vakharia A.J., Chen Y., M.H. Seref (2011), The Newsvendor Problem: Review and Directions for Future Research, European Journal of Operational Research, 213, 361-374.
  • Ray P., Jenamani M. (2016), Mean-variance Analysis of Sourcing Decision under Disruption Risk, European Journal of Operational Research, 250(2), 679-689.
  • Rubio-Herrero J., Baykal-Gursoy M., Jaśkiewicz A. (2015), A Price Setting Newsvendor Problem under Mean-Variance Criteria, European Journal of Operational Research, 247(2), 575-587.
  • Silver E.A., Pyke D.F., Peterson R. (1998), Inventory Management and Production Planning and Scheduling, Wiley, New York.
  • Wang C.X., Webster S. (2009), The Loss Averse Newsvendor Problem, Omega, 37, 93-105.
  • Wu M., Zhu S.X., Teunter R.H. (2014), A Risk-averse Competitive Newsvendor Problem under the CVaR Criterion, International Journal of Production Economics, 156, 13-23.
  • Wu M., Zhu S.X., Teunter R.H. (2013a), The Risk-averse Newsvendor Problem with Random Capacity, European Journal of Operational Research, 231(2), 328-336.
  • Wu M., Zhu S.X., Teunter R.H. (2013b), Newsvendor Problem with Random Shortage Cost under a Risk Criterion, International Journal of Production Economics, 145(2), 790-798.
  • Xinshenga X., Zhiqinga M., Ruia S., Mina J., Pingc J. (2015), Optimal Decisions for the Lossaverse Newsvendor Problem under CVaR, International Journal of Production Economics, 164, 146-159.
  • Yang S., Shi C.V., Zhao X. (2011), Optimal Ordering and Pricing Decisions for a Target Oriented Newsvendor, Omega, 39, 110-115.
  • Ye T., Sun H. (2016), Price-setting Newsvendor with Strategic Consumers, Omega, 63, 103-110.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171510043

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.