Decision-making and the newsvendor problem: an experimental study
| Autor: | Tal Shavit, Yuval Cohen, Ruth Peled, Uri Ben-Zion |
|---|---|
| Rok vydání: | 2008 |
| Předmět: |
TheoryofComputation_MISCELLANEOUS
Marketing Mathematical optimization 021103 operations research Operations research Purchase order Strategy and Management 0211 other engineering and technologies 02 engineering and technology Management Science and Operations Research Newsvendor model Purchasing Profit (economics) Management Information Systems Extended newsvendor model Benefice Demand curve 0202 electrical engineering electronic engineering information engineering Economics 020201 artificial intelligence & image processing Profitability index |
| Zdroj: | Journal of the Operational Research Society. 59:1281-1287 |
| ISSN: | 1476-9360 0160-5682 |
| Popis: | This paper investigates repetitive purchase decisions of perishable items in the face of uncertain demand (the newsvendor problem). The experimental design includes: high, or low profit levels; and uniform, or normal demand distributions. The results show that in all cases both learning and convergence occur and are effected by: (1) the mean demand; (2) the order-size of the maximal expected profit; and (3) the demand level of the immediately preceding round. In all cases of the experimental design, the purchase order converges to a value between the mean demand and the quantity for maximizing the expected profit. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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