The newsvendor problem: Review and directions for future research

The newsvendor problem: Review and directions for future research

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Article ID: iaor20115235
Volume: 213
Issue: 2
Start Page Number: 361
End Page Number: 374
Publication Date: Sep 2011
Journal: European Journal of Operational Research
Authors: , , , ,
Keywords: newsboy problem
Abstract:

In this paper, we review the contributions to date for analyzing the newsvendor problem. Our focus is on examining the specific extensions for analyzing this problem in the context of modeling customer demand, supplier costs, and the buyer risk profile. More specifically, we analyze the impact of market price, marketing effort, and stocking quantity on customer demand; how supplier prices can serve as a coordination mechanism in a supply chain setting; integrating alternative supplier pricing policies within the newsvendor framework; and how the buyer’s risk profile moderates the newsvendor order quantity decision. For each of these areas, we summarize the current literature and develop extensions. Finally, we also propose directions for future research.

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