The newsvendor problem with an in-season price adjustment

被引：13

作者：

Chung, Chia-Shin ^{[1
]}

Flynn, James ^{[1
]}

Zhu, Jishan ^{[2
]}

机构：

[1] Cleveland State Univ, Dept Operat Management & Business Stat, Cleveland, OH 44115 USA

[2] SUNY Coll Old Westbury, Sch Business, Old Westbury, NY 11568 USA

来源：

EUROPEAN JOURNAL OF OPERATIONAL RESEARCH | 2009年 / 198卷 / 01期

关键词：

Inventory; Stochastic; Newsvendor; Single-Period; Supply chain; REVENUE MANAGEMENT; NEWSBOY PROBLEM; DEMAND;

D O I：

10.1016/j.ejor.2007.10.067

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

Consider a retailer stocking a seasonal item facing a stochastic demand where information about the demand becomes more accurate as the selling season progresses. The retailer places orders before the start of the season and in-season reorders are not possible. This article extends the classical newsvendor model by allowing the retailer to make an in-season price adjustment after conducting a review and using the realized demand to obtain an accurate estimate of the remaining demand. Our results include answers to the following questions. What price should the retailer choose? How much should the retailer have ordered at the start of the season given the option of adjusting prices in-season? This model was motivated by a problem in car rental revenue management and has applications in perishable assets revenue management (PARM), where price adjustments are needed towards the end of the selling season. (C) 2008 Elsevier B.V. All rights reserved.

引用

页码：148 / 156

页数：9

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