IDEAS home Printed from https://ideas.repec.org/a/eee/jomega/v30y2002i1p45-50.html
   My bibliography  Save this article

The value of information in the multi-item newsboy problem

Author

Listed:
  • Casimir, Rommert J.

Abstract

The multi-item newsboy problem is used to determine the value of two types of incomplete information, global information and product-mix information. It is shown that this value depends on the number of products, the existence of a budget restriction and the degree of substitutability.

Suggested Citation

  • Casimir, Rommert J., 2002. "The value of information in the multi-item newsboy problem," Omega, Elsevier, vol. 30(1), pages 45-50, February.
    • Handle: RePEc:eee:jomega:v:30:y:2002:i:1:p:45-50
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0305-0483(01)00054-8
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Khouja, Moutaz, 1999. "The single-period (news-vendor) problem: literature review and suggestions for future research," Omega, Elsevier, vol. 27(5), pages 537-553, October.
    2. 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.
    3. Yehuda Bassok & Ravi Anupindi & Ram Akella, 1999. "Single-Period Multiproduct Inventory Models with Substitution," Operations Research, INFORMS, vol. 47(4), pages 632-642, August.
    4. 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.
    5. Casimir, Rommert J., 1999. "Strategies for a blind newsboy," Omega, Elsevier, vol. 27(1), pages 129-134, February.
    6. I Moon & E A Silver, 2000. "The multi-item newsvendor problem with a budget constraint and fixed ordering costs," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 51(5), pages 602-608, May.
    7. Vairaktarakis, George L., 2000. "Robust multi-item newsboy models with a budget constraint," International Journal of Production Economics, Elsevier, vol. 66(3), pages 213-226, July.
    8. Lau, Hon-Shiang & Lau, Amy Hing-Ling, 1997. "Some results on implementing a multi-item multi-constraint single-period inventory model," International Journal of Production Economics, Elsevier, vol. 48(2), pages 121-128, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Wang, Charles X. & Webster, Scott, 2009. "The loss-averse newsvendor problem," Omega, Elsevier, vol. 37(1), pages 93-105, February.
    2. Christian Toll & Olaf Kintzel, 2019. "A nonlinear state marginal price vector model for the task of business valuation. A case study: The dimensioning of IT-service companies under nonlinear synergy effects," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 27(4), pages 1079-1105, December.
    3. Halkos, George & Kevork, Ilias, 2012. "Validity and precision of estimates in the classical newsvendor model with exponential and rayleigh demand," MPRA Paper 36460, University Library of Munich, Germany.
    4. Halkos, George & Kevork, Ilias, 2012. "Evaluating alternative estimators for optimal order quantities in the newsvendor model with skewed demand," MPRA Paper 36205, University Library of Munich, Germany.
    5. Fernando Bernstein & Gregory A. DeCroix, 2015. "Advance Demand Information in a Multiproduct System," Manufacturing & Service Operations Management, INFORMS, vol. 17(1), pages 52-65, February.
    6. Huang, Di & Zhou, Hong & Zhao, Qiu-Hong, 2011. "A competitive multiple-product newsboy problem with partial product substitution," Omega, Elsevier, vol. 39(3), pages 302-312, June.
    7. Jianghua Wu & Zepeng Wang & Chenchen Zhao, 2023. "Effects of production capacity and substitutability on optimal pricing and inventory policies," Annals of Operations Research, Springer, vol. 326(1), pages 341-367, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Abdel-Malek, Layek L. & Areeratchakul, Nathapol, 2007. "A quadratic programming approach to the multi-product newsvendor problem with side constraints," European Journal of Operational Research, Elsevier, vol. 176(3), pages 1607-1619, February.
    2. Shi, Jianmai & Zhang, Guoqing, 2010. "Multi-product budget-constrained acquisition and pricing with uncertain demand and supplier quantity discounts," International Journal of Production Economics, Elsevier, vol. 128(1), pages 322-331, November.
    3. Zhang, Bin & Xu, Xiaoyan & Hua, Zhongsheng, 2009. "A binary solution method for the multi-product newsboy problem with budget constraint," International Journal of Production Economics, Elsevier, vol. 117(1), pages 136-141, January.
    4. Kumar Satyendra & Venkata Rao, V. & Tirupati Devanath, 2003. "Multiple products, multiple constraints, single period inventory problem: A Hierarchical solution procedure," IIMA Working Papers WP2003-11-03, Indian Institute of Management Ahmedabad, Research and Publication Department.
    5. Chen, Junlin & Feng, Xiaojing & Kou, Gang & Mu, Mengting, 2023. "Multiproduct newsvendor with cross-selling and narrow-bracketing behavior using data mining methods," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 169(C).
    6. Baloch, Gohram & Gzara, Fatma, 2020. "Capacity and assortment planning under one-way supplier-driven substitution for pharmacy kiosks with low drug demand," European Journal of Operational Research, Elsevier, vol. 282(1), pages 108-128.
    7. Hu, Chaoming & Wan, Zhao Man & Zhu, Saihua & Wan, Zhong, 2022. "An integrated stochastic model and algorithm for constrained multi-item newsvendor problems by two-stage decision-making approach," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 193(C), pages 280-300.
    8. Zhang, Bin, 2012. "Multi-tier binary solution method for multi-product newsvendor problem with multiple constraints," European Journal of Operational Research, Elsevier, vol. 218(2), pages 426-434.
    9. Vaagen, Hajnalka & Wallace, Stein W., 2008. "Product variety arising from hedging in the fashion supply chains," International Journal of Production Economics, Elsevier, vol. 114(2), pages 431-455, August.
    10. Zhang, Ren-Qian & Zhang, Lan-Kang & Zhou, Wen-Hui & Saigal, Romesh & Wang, Hui-Wen, 2014. "The multi-item newsvendor model with cross-selling and the solution when demand is jointly normally distributed," European Journal of Operational Research, Elsevier, vol. 236(1), pages 147-159.
    11. Liu, Congzheng & Letchford, Adam N. & Svetunkov, Ivan, 2022. "Newsvendor problems: An integrated method for estimation and optimisation," European Journal of Operational Research, Elsevier, vol. 300(2), pages 590-601.
    12. Zhang, Guoqing, 2010. "The multi-product newsboy problem with supplier quantity discounts and a budget constraint," European Journal of Operational Research, Elsevier, vol. 206(2), pages 350-360, October.
    13. Liu, Ke & Li, Jing-An & Lai, Kin Keung, 2004. "Single period, single product newsvendor model with random supply shock," European Journal of Operational Research, Elsevier, vol. 158(3), pages 609-625, November.
    14. Hübner, Alexander & Kuhn, Heinrich & Kühn, Sandro, 2016. "An efficient algorithm for capacitated assortment planning with stochastic demand and substitution," European Journal of Operational Research, Elsevier, vol. 250(2), pages 505-520.
    15. Zhang, Bin & Du, Shaofu, 2010. "Multi-product newsboy problem with limited capacity and outsourcing," European Journal of Operational Research, Elsevier, vol. 202(1), pages 107-113, April.
    16. Dutta, Pankaj & Chakraborty, Debjani, 2010. "Incorporating one-way substitution policy into the newsboy problem with imprecise customer demand," European Journal of Operational Research, Elsevier, vol. 200(1), pages 99-110, January.
    17. Wang, Daao & Dimitrov, Stanko & Jian, Lirong, 2020. "Optimal inventory decisions for a risk-averse retailer when offering layaway," European Journal of Operational Research, Elsevier, vol. 284(1), pages 108-120.
    18. Abdel-Malek, Layek & Montanari, Roberto & Meneghetti, Diego, 2008. "The capacitated newsboy problem with random yield: The Gardener Problem," International Journal of Production Economics, Elsevier, vol. 115(1), pages 113-127, September.
    19. Huang, Di & Zhou, Hong & Zhao, Qiu-Hong, 2011. "A competitive multiple-product newsboy problem with partial product substitution," Omega, Elsevier, vol. 39(3), pages 302-312, June.
    20. Murray, Chase C. & Gosavi, Abhijit & Talukdar, Debabrata, 2012. "The multi-product price-setting newsvendor with resource capacity constraints," International Journal of Production Economics, Elsevier, vol. 138(1), pages 148-158.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jomega:v:30:y:2002:i:1:p:45-50. See general information about how to correct material in RePEc.

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/375/description#description .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.