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Heuristics for the multi-product satiating newsboy problem

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  • Khanra, Avijit
  • Soman, Chetan A.
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    Abstract

    Due to the preference of satiation (of the profit target) over maximization (of expected profit) in uncertain situations, the newsboy problem with the satiation objective is an important practical problem. In the multi-product setting, practically usable solution methods are available only for two-product and some restricted three-product problems. We develop heuristics to solve larger problems (more number of products). Two search-based heuristics are developed and tested with a large number of versatile test problems.

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    Paper provided by Indian Institute of Management Ahmedabad, Research and Publication Department in its series IIMA Working Papers with number WP2014-01-02.

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    Handle: RePEc:iim:iimawp:12795

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    1. Wu, Jun & Li, Jian & Wang, Shouyang & Cheng, T.C.E., 2009. "Mean-variance analysis of the newsvendor model with stockout cost," Omega, Elsevier, Elsevier, vol. 37(3), pages 724-730, June.
    2. Anvari, M. & Kusy, M., 1990. "Risk in inventory models: Review and implementation," Engineering Costs and Production Economics, Elsevier, Elsevier, vol. 19(1-3), pages 267-272, May.
    3. Gotoh, Jun-ya & Takano, Yuichi, 2007. "Newsvendor solutions via conditional value-at-risk minimization," European Journal of Operational Research, Elsevier, Elsevier, vol. 179(1), pages 80-96, May.
    4. Lin, Chen-Sin & Kroll, Dennis E., 1997. "The single-item newsboy problem with dual performance measures and quantity discounts," European Journal of Operational Research, Elsevier, Elsevier, vol. 100(3), pages 562-565, August.
    5. Khouja, Moutaz & Robbins, Stephanie S., 2003. "Linking advertising and quantity decisions in the single-period inventory model," International Journal of Production Economics, Elsevier, Elsevier, vol. 86(2), pages 93-105, November.
    6. Qin, Yan & Wang, Ruoxuan & Vakharia, Asoo J. & Chen, Yuwen & Seref, Michelle M.H., 2011. "The newsvendor problem: Review and directions for future research," European Journal of Operational Research, Elsevier, Elsevier, vol. 213(2), pages 361-374, September.
    7. Khouja, Moutaz, 1999. "The single-period (news-vendor) problem: literature review and suggestions for future research," Omega, Elsevier, Elsevier, vol. 27(5), pages 537-553, October.
    8. Chen, M. S. & Chuang, C. C., 2000. "An extended newsboy problem with shortage-level constraints," International Journal of Production Economics, Elsevier, Elsevier, vol. 67(3), pages 269-277, October.
    9. Özler, Aysun & Tan, BarIs & Karaesmen, Fikri, 2009. "Multi-product newsvendor problem with value-at-risk considerations," International Journal of Production Economics, Elsevier, Elsevier, vol. 117(2), pages 244-255, February.
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