Single Period Inventory Control and Pricing : An Empirical and Analytical Study of a Generalized Model

Single Period Inventory Control and Pricing An Empirical and Analytical Study of a Generalized Model

The price-setting newsvendor model is used to address the single period joint pricing and inventory control problem. The objective is to set the optimal price and replenishment quantity of a single product in order to maximize the expected profit. Products with a short selling season and relatively...

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Detalles Bibliográficos
Autor principal: Arikan, Emel (-)
Formato: Electrónico
Idioma:Inglés
Publicado: Frankfurt am Main : Peter Lang GmbH, Internationaler Verlag der Wissenschaften 2011.
Edición:First edition
Colección:Forschungsergebnisse der Wirtschaftsuniversität Wien
Materias:
Monetary policy.
Analytical
Arikan
Control
Empirical
Generalized
Inventory
Lagerhaltungsmodell
Model
Nachfrageverhalten
Optimierung
Period
Preispolitik
Pricing
Single
Study
Ver en Biblioteca Universitat Ramon Llull:https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009424528206719
Tabla de Contenidos:
  • Cover
  • 1 Introduction
  • 1.1 Joint Pricing and Inventory Control
  • 1.2 Research Focus
  • 1.3 Structure of the Thesis
  • 1.4 Notation and Conventions
  • 2 A Review of the Newsvendor Model
  • 2.1 Price-taking newsvendor model
  • 2.2 Price-setting newsvendor model
  • 2.2.1 Modelling demand with additive and multiplicative uncertainty
  • 2.2.2 Maximizing the expected profit
  • 2.2.3 Optimal price
  • 3 An Empirical Study
  • 3.1 Description of the data
  • 3.2 Demand estimation
  • 3.2.1 Detrending demand data
  • 3.2.2 Estimating the additive and the multiplicative models
  • 3.3 Selection among the additive and the multiplicative models
  • 3.3.1 A formal test for model selection
  • 3.3.2 Selection based on homoskedasticity
  • 3.3.3 Summary of model selection
  • 3.4 Fitting a general model
  • 3.5 Simulation of profits
  • 3.5.1 Comparison of the additive and the multiplicative models based on simulated profits
  • 3.5.2 Comparison with the general model based on simulated profits
  • 3.5.3 Comparison of the joint and the sequential optimization based on simulated profits
  • 3.5.4 Optimal policy with a limited inventory level
  • 4 Analysis of the Generalized Model
  • 4.1 Literature review
  • 4.2 Model description
  • 4.2.1 Failure rate and failure rate ordering
  • 4.2.2 Elasticity of expected sales
  • 4.3 Non-integrated approach
  • 4.3.1 Optimizing order quantity
  • 4.3.2 Optimizing price
  • 4.4 Integrated approach
  • 4.4.1 Optimality conditions
  • 4.4.2 Structural properties
  • 4.5 Sales elasticity for additive and multiplicative models
  • 4.6 Numerical study
  • 4.6.1 Monotone variance
  • 4.6.2 Non-monotone variance
  • 5 Conclusion
  • References.

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