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 study a Bayesian learning model with heterogeneity in which the agents control both short-term manipulations and long-term efforts aimed at solving the optimal contract in dynamic environments. At the same time, considering the dynamic characteristics of contracts, the paper considers the...