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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Superior document: | Forschungsergebnisse der Wirtschaftsuniversitaet Wien. |
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Place / Publishing House: | Frankfurt am Main : : Peter Lang GmbH, Internationaler Verlag der Wissenschaften,, 2011. ©2011. |
Year of Publication: | 2011 |
Edition: | First edition. |
Language: | English |
Series: | Forschungsergebnisse der Wirtschaftsuniversität Wien
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Physical Description: | 1 online resource (116 pages) |
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100 | 1 | |a Arikan, Emel. | |
245 | 1 | 0 | |a Single Period Inventory Control and Pricing : |b An Empirical and Analytical Study of a Generalized Model. |
246 | |a Forschungsergebnisse der Wirtschaftsuniversitaet Wien vol. 43 | ||
246 | |a Single Period Inventory Control and Pricing | ||
250 | |a First edition. | ||
264 | 1 | |a Frankfurt am Main : |b Peter Lang GmbH, Internationaler Verlag der Wissenschaften, |c 2011. | |
264 | 4 | |c ©2011. | |
300 | |a 1 online resource (116 pages) | ||
336 | |a text |b txt |2 rdacontent | ||
337 | |a computer |b c |2 rdamedia | ||
338 | |a online resource |b cr |2 rdacarrier | ||
490 | 1 | |a Forschungsergebnisse der Wirtschaftsuniversitaet Wien. | |
520 | |a 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 long replenishment lead times such as fashion goods are the most relevant application areas of the model. The focus of the work is the generalization of the model with respect to the modeling of uncertainty in demand. The author presents an analytical and empirical study which compares different demand models with a more flexible model based on price and inventory optimization. She concludes that using a general model can increase the profits significantly. | ||
546 | |a English. | ||
540 | |a Creative Commons Attribution 4.0 International |f CC BY 4.0 |u https://creativecommons.org/licenses/by/4.0/legalcode | ||
506 | 0 | |f Unrestricted online access |2 star | |
588 | |a Description based on publisher supplied metadata and other sources. | ||
505 | 0 | |a 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. | |
650 | 0 | |a Monetary policy. | |
653 | |a Analytical | ||
653 | |a Arikan | ||
653 | |a Control | ||
653 | |a Empirical | ||
653 | |a Generalized | ||
653 | |a Inventory | ||
653 | |a Lagerhaltungsmodell | ||
653 | |a Model | ||
653 | |a Nachfrageverhalten | ||
653 | |a Optimierung | ||
653 | |a Period | ||
653 | |a Preispolitik | ||
653 | |a Pricing | ||
653 | |a Single | ||
653 | |a Study | ||
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830 | 0 | |a Forschungsergebnisse der Wirtschaftsuniversität Wien | |
906 | |a BOOK | ||
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