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Statistical Estimation Problems in Inventory Control

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  • R. H. Hayes

    (Graduate School of Business Administration Harvard University)

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    Abstract

    In this paper we define and illustrate the use of the concept of "Expected Total Operating Cost" (ETOC) in dealing with inventory policy estimation when the cost structure is piecewise linear. We show, through examples, that estimates based on classical procedures are often unsatisfactory when viewed in terms of ETOC, and derive improved estimates. Then we look at the problem from a Bayesian point of view and derive the prior distributions (within a particular class) that are implied by the adoption of these superior procedures.

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    File URL: http://dx.doi.org/10.1287/mnsc.15.11.686
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    Bibliographic Info

    Article provided by INFORMS in its journal Management Science.

    Volume (Year): 15 (1969)
    Issue (Month): 11 (July)
    Pages: 686-701

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    Handle: RePEc:inm:ormnsc:v:15:y:1969:i:11:p:686-701

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    Cited by:
    1. Halkos, George & Kevork, Ilias, 2012. "Evaluating alternative frequentist inferential approaches for optimal order quantities in the newsvendor model under exponential demand," MPRA Paper 39650, University Library of Munich, Germany.
    2. Halkos, George & Kevork, Ilias, 2012. "Unbiased estimation of maximum expected profits in the Newsvendor Model: a case study analysis," MPRA Paper 40724, University Library of Munich, Germany.

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