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The Value of Information in Reverse Logistics

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Author Info
Ketzenberg, M.E.
Laan, E.A. van der
Teunter, R.H. (Erasmus Research Institute of Management (ERIM), RSM Erasmus University)

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Abstract

We explore the value of information in the context of a remanufacturer that faces uncertainty with respect to demand, product return, and product recovery (yield loss). We assume a single period model in which the operational decision of interest is the quantity of new product to order. Our objective is to evaluate the absolute and relative value of the different types of information that such a firm may choose to invest in order to reduce the uncertainty it experiences in matching supply with demand. The different types of information include demand, return, and yield loss. Our results are extensive and reveal that the value for any specific type of information depends both on the overall level of uncertainty and the level of uncertainty that is attributed to the information for which it explains. We develop and test a theoretical model that is predictive of 1) the value of each type of information, 2) the conditions that give rise to the value for each type of information, and 3) the relative value for each type of information.

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File URL: http://hdl.handle.net/1765/1447
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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-2004-053-LIS Revision_Date: 2009-07-29.

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Date of creation: 06 Aug 2004
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Handle: RePEc:dgr:eureri:30001579

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Web page: http://www.erim.eur.nl/

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Related research
Keywords: value of information; newsvendor problem; remanufacturing; inventory control;

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References listed on IDEAS
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  1. Vlachos, Dimitrios & Dekker, Rommert, 2003. "Return handling options and order quantities for single period products," European Journal of Operational Research, Elsevier, vol. 151(1), pages 38-52, November. [Downloadable!] (restricted)
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  2. M.P. de Brito & S.D.P. Flapper & R. Dekker, 2002. "Reverse logistics," Econometric Institute Report 272, Erasmus University Rotterdam, Econometric Institute. [Downloadable!]
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  3. 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!]
  4. Bourland, Karla E. & Powell, Stephen G. & Pyke, David F., 1996. "Exploiting timely demand information to reduce inventories," European Journal of Operational Research, Elsevier, vol. 92(2), pages 239-253, July. [Downloadable!] (restricted)
  5. Mostard, J. & Teunter, R.H., 2002. "The Newsboy Problem with Resalable Returns," Research Paper ERS-2002-89-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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