We compare three different approaches studied by past literature on data-driven inventory optimization--- Frequentist Parametric (FP), Bayesian Parametric (BP) and Nonparametric--- for the newsvendor problem. For the Parametric approaches, we allow for mis-specification of the demand model. We...

This paper analyzes the stochastic inventory control problem when the demand distribution is not known. In contrast to previous Bayesian inventory models, this paper adopts a non-parametric Bayesian approach in which the firm's prior information is characterized by a Dirichlet process prior....

This paper analyzes the stochastic inventory control problem when the demand distribution is not known. In contrast to previous Bayesian inventory models, this paper adopts a non-parametric Bayesian approach in which the firm's prior information is characterized by a Dirichlet process prior....

This paper analyzes the stochastic inventory control problem when the demand distribution is not known. In contrast to previous Bayesian inventory models, this paper adopts a non-parametric Bayesian approach in which the firm’s prior information is characterized by a Dirichlet process prior....

We consider a firm (e.g., retailer) selling a single nonperishable product over a finite-period planning horizon. Demand in each period is stochastic and price-dependent, and unsatisfied demands are backlogged. At the beginning of each period, the firm determines its selling price and inventory...

We study a newsvendor problem with unknown demand distribution in a nonstationary demand environment over a multi-period time horizon. The demand in each period consists of a time-varying demand level and an additive random shock. Neither the demand level nor the random shock is separately...

We consider a joint pricing and inventory control problem in which the customer's response to selling price and the demand distribution are not known a priori. Unsatisfied demand is lost and unobserved, and the only available information for decision-making is the observed sales data (a.k.a....

We consider a periodic-review single-product multi-echelon inventory problem with instantaneous replenishment. In each period, the decision-maker makes ordering decisions for all echelons. Any unsatisfied demand is backordered, and any excess inventory is carried to the next period. In contrast...

Problem definition: We study stochastic periodic-review inventory systems with lost sales, where the decision maker has no access to the true demand distribution a priori and can only observe historical sales data (referred to as censored demand) and feature information about the demand....