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This paper takes a utility-based approach to the single-period and single-item newsvendor model. Unlike most models in the literature the newsvendor is not necessarily risk-neutral and chooses the order quantity that maximizes the expected utility of the cash flow at the end of the period. We...
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Variability, in general, has a deteriorating effect on the performance of stochastic inventory systems. In particular, previous results indicate that demand variability causes a performance degradation in terms of inventory related costs when production capacity is unlimited. In order to...
Persistent link: https://www.econbiz.de/10008791772
The problem of product assortment and inventory planning under customer-driven demand substitution is analyzed and a mathematical model for this problem is provided in this paper. Realistic issues in a retail context such as supplier selection, shelf space constraints, and poor quality...
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The admission decision is one of the fundamental categories of demand-management decisions. In the dynamic model of the single-resource capacity control problem, the distribution of demand does not explicitly depend on external conditions. However, in reality, demand may depend on the current...
Persistent link: https://www.econbiz.de/10011052757
The purpose of this paper is to investigate the structural properties of the optimal batch acceptance policy in a Markovian queueing system where different classes of customers arrive in batches and the buffer capacity is finite. We prove that the optimal policy can possess certain monotonicity...
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