Theoretical versus applied models: The newsboy problem

Theoretical versus applied models: The newsboy problem

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Article ID: iaor1992450
Country: United Kingdom
Volume: 19
Start Page Number: 197
End Page Number: 206
Publication Date: Sep 1991
Journal: OMEGA
Authors: , ,
Keywords: risk, philosophy
Abstract:

This paper is concerned with the ways in which theoretical decision models fail to meet the needs of practical decision-making. To illustrate the arguments theoretical approaches to the well-known newsboy problem are briefly examined. An alternative applied approach is described to further illustrate practical shortcomings of theoretical approaches.

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