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Bayesian demand updating in the lost sales newsvendor problem: A two-moment approximation

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  • Berk, Emre
  • Gurler, Ulku
  • Levine, Richard A.

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  • Berk, Emre & Gurler, Ulku & Levine, Richard A., 2007. "Bayesian demand updating in the lost sales newsvendor problem: A two-moment approximation," European Journal of Operational Research, Elsevier, vol. 182(1), pages 256-281, October.
    • Handle: RePEc:eee:ejores:v:182:y:2007:i:1:p:256-281
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    1. William S. Lovejoy, 1990. "Myopic Policies for Some Inventory Models with Uncertain Demand Distributions," Management Science, INFORMS, vol. 36(6), pages 724-738, June.
    2. Katy S. Azoury, 1985. "Bayes Solution to Dynamic Inventory Models Under Unknown Demand Distribution," Management Science, INFORMS, vol. 31(9), pages 1150-1160, September.
    3. Khouja, Moutaz, 1999. "The single-period (news-vendor) problem: literature review and suggestions for future research," Omega, Elsevier, vol. 27(5), pages 537-553, October.
    4. Gary D. Eppen & Ananth. V. Iyer, 1997. "Improved Fashion Buying with Bayesian Updates," Operations Research, INFORMS, vol. 45(6), pages 805-819, December.
    5. Martin A. Lariviere & Evan L. Porteus, 1999. "Stalking Information: Bayesian Inventory Management with Unobserved Lost Sales," Management Science, INFORMS, vol. 45(3), pages 346-363, March.
    6. Geunes, Joseph P. & Ramasesh, Ranga V. & Hayya, Jack C., 2001. "Adapting the newsvendor model for infinite-horizon inventory systems," International Journal of Production Economics, Elsevier, vol. 72(3), pages 237-250, August.
    7. Xiaomei Ding & Martin L. Puterman & Arnab Bisi, 2002. "The Censored Newsvendor and the Optimal Acquisition of Information," Operations Research, INFORMS, vol. 50(3), pages 517-527, June.
    8. Steven Nahmias & Stephen A. Smith, 1994. "Optimizing Inventory Levels in a Two-Echelon Retailer System with Partial Lost Sales," Management Science, INFORMS, vol. 40(5), pages 582-596, May.
    9. Donald L. Iglehart, 1964. "The Dynamic Inventory Problem with Unknown Demand Distribution," Management Science, INFORMS, vol. 10(3), pages 429-440, April.
    10. Hill, Roger M., 1997. "Applying Bayesian methodology with a uniform prior to the single period inventory model," European Journal of Operational Research, Elsevier, vol. 98(3), pages 555-562, May.
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    Cited by:

    1. Kevork, Ilias S., 2010. "Estimating the optimal order quantity and the maximum expected profit for single-period inventory decisions," Omega, Elsevier, vol. 38(3-4), pages 218-227, June.
    2. Musal, R. Muzaffer & Soyer, Refik & McCabe, Christopher & Kharroubi, Samer A., 2012. "Estimating the population utility function: A parametric Bayesian approach," European Journal of Operational Research, Elsevier, vol. 218(2), pages 538-547.
    3. Rossi, Roberto & Prestwich, Steven & Tarim, S. Armagan & Hnich, Brahim, 2014. "Confidence-based optimisation for the newsvendor problem under binomial, Poisson and exponential demand," European Journal of Operational Research, Elsevier, vol. 239(3), pages 674-684.
    4. Elliot Anenberg, 2016. "Information Frictions And Housing Market Dynamics," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 57(4), pages 1449-1479, November.
    5. Sun, Zhengwei & Hupman, Andrea C. & Abbas, Ali E., 2021. "The value of information for price dependent demand," European Journal of Operational Research, Elsevier, vol. 288(2), pages 511-522.
    6. Elliot Anenberg, 2012. "Information frictions and housing market dynamics," Finance and Economics Discussion Series 2012-48, Board of Governors of the Federal Reserve System (U.S.).
    7. Wen, Xin & Choi, Tsan-Ming & Chung, Sai-Ho, 2019. "Fashion retail supply chain management: A review of operational models," International Journal of Production Economics, Elsevier, vol. 207(C), pages 34-55.
    8. Boutselis, Petros & McNaught, Ken, 2014. "Finite-Time Horizon Logistics Decision Making Problems: Consideration of a Wider Set of Factors," Chapters from the Proceedings of the Hamburg International Conference of Logistics (HICL), in: Blecker, Thorsten & Kersten, Wolfgang & Ringle, Christian M. (ed.), Innovative Methods in Logistics and Supply Chain Management: Current Issues and Emerging Practices. Proceedings of the Hamburg International Conferenc, volume 19, pages 249-274, Hamburg University of Technology (TUHH), Institute of Business Logistics and General Management.
    9. Weihua Liu & Xinran Shen & Di Wang, 2020. "The impacts of dual overconfidence behavior and demand updating on the decisions of port service supply chain: a real case study from China," Annals of Operations Research, Springer, vol. 291(1), pages 565-604, August.
    10. Qingguo Bai & Jianteng Xu & Yuzhong Zhang, 2022. "The distributionally robust optimization model for a remanufacturing system under cap-and-trade policy: a newsvendor approach," Annals of Operations Research, Springer, vol. 309(2), pages 731-760, February.
    11. Sachs, Anna-Lena & Minner, Stefan, 2014. "The data-driven newsvendor with censored demand observations," International Journal of Production Economics, Elsevier, vol. 149(C), pages 28-36.

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