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The Newsboy Problem with Resalable Returns

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Author Info
Mostard, J.
Teunter, R.H. (Erasmus Research Institute of Management (ERIM), RSM Erasmus University)

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Abstract

We analyze a newsboy problem with resalable returns. A single order is placed before the selling season starts. Purchased products may be returned by the customer for a full refund within a certain time interval. Returned products are resalable, provided they arrive back before the end of the season and are undamaged. Products remaining at the end of the season are salvaged. All demands not met directly are lost. We derive a simple closed-form equation that determines the optimal order quantity given the demand distribution, the probability that a sold product is returned, and all relevant revenues and costs. We illustrate its use with real data from a large catalogue/internet mail order retailer.

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File URL: http://hdl.handle.net/1765/268
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Publisher Info
Paper provided by Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam. in its series Research Paper with number ERS-2002-89-LIS Revision_Date: 2009-07-29.

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Date of creation: 07 Feb 2002
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Handle: RePEc:dgr:eureri:2002278

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Related research
Keywords: inventory; newsboy problem; product returns; reverse logistics; mail order retailer;

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This paper has been announced in the following NEP Reports: Cited by:
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  1. Ketzenberg, M.E. & Laan, E.A. van der & Teunter, R.H., 2004. "The Value of Information in Reverse Logistics," Research Paper ERS-2004-053-LIS Revision, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni. [Downloadable!]
  2. M.P. de Brito & E.A. Van der Laan, 2002. "Inventory control with product returns," Econometric Institute Report 279, Erasmus University Rotterdam, Econometric Institute. [Downloadable!]
  3. Mostard, J. & Teunter, R.H. & Koster, M.B.M. de, 2003. "The distribution-free newsboy problem with resalable returns," Research Paper ERS-2003-068-LIS Revision, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni. [Downloadable!]
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This page was last updated on 2009-12-9.

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