Article ID: | iaor19991574 |
Country: | Netherlands |
Volume: | 100 |
Issue: | 3 |
Start Page Number: | 557 |
End Page Number: | 561 |
Publication Date: | Aug 1997 |
Journal: | European Journal of Operational Research |
Authors: | Lau Hon-Shiang |
Keywords: | programming: dynamic |
This educational note presents closed-form (or near closed-form) formulas for computing the expected cost and the optimal expected cost of the newsboy problem. The formulas are sufficiently easy to be used in undergraduate OR and MBA operations-management courses.