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We extend the expectation-based loss-averse newsvendor model according [1] by assuming that decision maker confronts deterministic demand and uncertain supply at the beginning of a selling season. We show with numerical study that the higher the penalty coefficient, the lower the optimal order quantity. Higher retail price and salvage value lead to optimally order more. However, when the wholesale...
In this paper, we consider a single-product, single-period inventory model where the retailer can order from three different suppliers. Supplier 1 is the cheapest but the most unreliable as the retailer may not get as many as he ordered. Supplier 2 is more expensive than supplier 1 by offering a supply option. supplier 3 is the most expensive but most reliable and will serve as an emergency supplier...
The newsvendor problem is about how to make optimal ordering decisions for short-life cycle product with demand uncertainty. Few papers study inventory problem with unreliable suppliers, even for those who consider unreliable suppliers, very few are concerned with demand lost. In this paper, we model the newsvendor decision making behavior, which takes the unreliable suppliers and demand lost into...
This paper explains how to order to minimize his cost and maximize his profit under the condition of the unreliable suppliers and uncertain demand existing simultaneously. As for the problem with two reliable suppliers whose uncertainty coefficient is distributed normally, what requirements should be satisfied to reach the revenue goal. The results of numerical calculation explain the relationship...
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