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

• Superior document: Forschungsergebnisse der Wirtschaftsuniversitaet Wien Series ; v.43
• Author: Arikan, Emel.
• Place / Publishing House: Frankfurt a.M. : : Peter Lang GmbH, Internationaler Verlag der Wissenschaften,, 2011.; Ã2011.
• Year of Publication: 2011
• Edition: 1st ed.
• Language: English
• Series: Forschungsergebnisse der Wirtschaftsuniversitaet Wien Series
• Physical Description: 1 online resource (122 pages)

Table of Contents

• 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.