Single Period Inventory Control and Pricing : An Empirical and Analytical Study of a Generalized Model
New
by
Emel Arikan
Book Details
Format
Hardback or Cased Book
ISBN-10
3631612222
ISBN-13
9783631612224
Edition
New
Publisher
Peter Lang AG
Imprint
Peter Lang AG
Country of Manufacture
DE
Country of Publication
GB
Publication Date
Mar 25th, 2011
Print length
116 Pages
Weight
264 grams
Dimensions
15.50 x 21.70 x 1.20 cms
Product Classification:
Monetary economics
Ksh 4,950.00
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The price-setting newsvendor model is used to address the single period joint pricing and inventory control problem. This book presents an analytical and empirical study which compares different demand models with a flexible model based on price and inventory optimization.
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.
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