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Interchanging fill rate constraints and backorder costs in inventory models

Author

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  • Jiang Zhang
  • Matthew J. Sobel

Abstract

This paper shows that fill rate constraints and backorder costs are interchangeable in dynamic newsvendor models. We establish monotone mappings between the set of optimal policies with backorder costs and the set of optimal policies with fill rate constraints. This clarifies the extent to which a parametric analysis of optima in one case can be performed via an algorithm directed at the other case. In a sense that is made precise, it is unnecessary to study both cases of a model; either case alone is sufficient.

Suggested Citation

  • Jiang Zhang & Matthew J. Sobel, 2012. "Interchanging fill rate constraints and backorder costs in inventory models," International Journal of Mathematics in Operational Research, Inderscience Enterprises Ltd, vol. 4(4), pages 453-472.
    • Handle: RePEc:ids:ijmore:v:4:y:2012:i:4:p:453-472
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    Cited by:

    1. Yuanguang Zhong & Zhichao Zheng & Mabel C. Chou & Chung-Piaw Teo, 2018. "Resource Pooling and Allocation Policies to Deliver Differentiated Service," Management Science, INFORMS, vol. 64(4), pages 1555-1573, April.

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