The single-period (news-vendor) problem: literature review and suggestions for future research
The single-period problem (SPP), also known as the newsboy or news-vendor problem, is to find the order quantity which maximizes the expected profit in a single period probabilistic demand framework. Interest in the SPP remains unabated and many extensions to it have been proposed in the last decade. These extensions include dealing with different objectives and utility functions, different supplier pricing policies, different news-vendor pricing policies and discounting structures, different states of information about demand, constrained multi-products, multiple-products with substitution, random yields, and multi-location models. This paper builds a taxonomy of the SPP literature and delineates the contribution of the different SPP extensions. This paper also suggests some future directions for research.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 27 (1999)
Issue (Month): 5 (October)
|Contact details of provider:|| Web page: http://www.elsevier.com/wps/find/journaldescription.cws_home/375/description#description|
|Order Information:|| Postal: http://www.elsevier.com/wps/find/supportfaq.cws_home/regional|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Parlar, Mahmut & Wang, Dan, 1993. "Diversification under yield randomness in inventory models," European Journal of Operational Research, Elsevier, vol. 66(1), pages 52-64, April.
- Hirofumi Matsuo, 1990. "A Stochastic Sequencing Problem for Style Goods with Forecast Revisions and Hierarchical Structure," Management Science, INFORMS, vol. 36(3), pages 332-347, March.
- Lau, Hon-Shiang & Hing-Ling Lau, Amy, 1996. "The newsstand problem: A capacitated multiple-product single-period inventory problem," European Journal of Operational Research, Elsevier, vol. 94(1), pages 29-42, October.
- 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, vol. 100(3), pages 562-565, August.
- Jing-Sheng Song, 1994. "The Effect of Leadtime Uncertainty in a Simple Stochastic Inventory Model," Management Science, INFORMS, vol. 40(5), pages 603-613, May.
- Youyi Feng & Guillermo Gallego, 1995. "Optimal Starting Times for End-of-Season Sales and Optimal Stopping Times for Promotional Fares," Management Science, INFORMS, vol. 41(8), pages 1371-1391, August.
- Louis Eeckhoudt & Christian Gollier & Harris Schlesinger, 1995. "The Risk-Averse (and Prudent) Newsboy," Management Science, INFORMS, vol. 41(5), pages 786-794, May.
- Warren H. Hausman & Rein Peterson, 1972. "Multiproduct Production Scheduling for Style Goods with Limited Capacity, Forecast Revisions and Terminal Delivery," Management Science, INFORMS, vol. 18(7), pages 370-383, March.
- Moon, Ilkyeong & Choi, Sangjin, 1997. "Distribution free procedures for make-to-order (MTO), make-in-advance (MIA), and composite policies," International Journal of Production Economics, Elsevier, vol. 48(1), pages 21-28, January.
- Petrovic, Dobrila & Petrovic, Radivoj & Vujosevic, Mirko, 1996. "Fuzzy models for the newsboy problem," International Journal of Production Economics, Elsevier, vol. 45(1-3), pages 435-441, August.
- Gary D. Eppen, 1979. "Note--Effects of Centralization on Expected Costs in a Multi-Location Newsboy Problem," Management Science, INFORMS, vol. 25(5), pages 498-501, May.
- David W. Pentico, 1974. "The Assortment Problem with Probabilistic Demands," Management Science, INFORMS, vol. 21(3), pages 286-290, November.
- T. M. Whitin, 1955. "Inventory Control and Price Theory," Management Science, INFORMS, vol. 2(1), pages 61-68, October.
- Jonsson, Henrik & Silver, Edward A., 1989. "Optimal and heuristic solutions for a simple common component inventory problem," Engineering Costs and Production Economics, Elsevier, vol. 16(4), pages 257-267, July.
- Weatherford, LR & Pfeifer, PE, 1994. "The economic value of using advance booking of orders," Omega, Elsevier, vol. 22(1), pages 105-111, January.
- Khouja, Moutaz & Mehrez, Abraham & Rabinowitz, Gad, 1996. "A two-item newsboy problem with substitutability," International Journal of Production Economics, Elsevier, vol. 44(3), pages 267-275, July.
- Jonsson, Henrik & Jornsten, Kurt & Silver, Edward A., 1993. "Application of the scenario aggregation approach to a two-stage, stochastic, common component, inventory problem with a budget constraint," European Journal of Operational Research, Elsevier, vol. 68(2), pages 196-211, July.
- George R. Murray, Jr. & Edward A. Silver, 1966. "A Bayesian Analysis of the Style Goods Inventory Problem," Management Science, INFORMS, vol. 12(11), pages 785-797, July.
- Jonsson, Henrik & Silver, Edward A., 1989. "Common component inventory problems with a budget constraint: Heuristics and upper bounds," Engineering Costs and Production Economics, Elsevier, vol. 18(1), pages 71-81, October.
- Khouja, Moutaz, 1995. "The newsboy problem under progressive multiple discounts," European Journal of Operational Research, Elsevier, vol. 84(2), pages 458-466, July.
- Polatoglu, L. Hakan, 1991. "Optimal order quantity and pricing decisions in single-period inventory systems," International Journal of Production Economics, Elsevier, vol. 23(1-3), pages 175-185, October.
- Ward, SC & Chapman, CB & Klein, JH, 1991. "Theoretical versus applied models: The newsboy problem," Omega, Elsevier, vol. 19(4), pages 197-206.
- 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.
- Hon-Shiang Lau, 1997. "Simple formulas for the expected costs in the newsboy problem: An educational note," European Journal of Operational Research, Elsevier, vol. 100(3), pages 557-561, August.
When requesting a correction, please mention this item's handle: RePEc:eee:jomega:v:27:y:1999:i:5:p:537-553. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dana Niculescu)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.