Some Analytical Results for a Two‐Product Newsboy Problem

Jing Li · Hon‐Shiang Lau · Amy Hing‐Ling Lau

26 citations0/0 files storedDecision Sciences

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Supply Chain and Inventory Management Probability and Statistical Research Management and Optimization Techniques

Abstract

ABSTRACT A recent Decision Sciences paper considered maximizing the probability of achieving a profit target in a two‐product newsboy problem. Numerical solutions to this problem revealed some intriguing properties, but the authors were unable to analytically explain many of their results. This paper presents an analytical solution procedure to this problem for the case of uniformly distributed demands. The analytical structure reveals more intriguing properties and these properties are proven and explained.

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References

1979TWO‐PIECE VON NEUMANN‐MORGENSTERN UTILITY FUNCTIONS*1980The Newsboy Problem under Alternative Optimization Objectives 1979OPTIMIZING AND SATISFICING IN STOCHASTIC COST‐VOLUME‐PROFIT ANALYSIS 1983Note—Note on “Optimal Ordering Quantity to Realize a Pre-Determined Level of Profit”1988MAXIMIZING THE PROBABILITY OF ACHIEVING A TARGET PROFIT IN A TWO‐PRODUCT NEWSBOY PROBLEM*

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2010The setting of profit targets for target oriented divisions 2002The value of information in the multi-item newsboy problem

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