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THE DISTRIBUTION-FREE NEWSVENDOR PROBLEM WITH BALKING AND PENALTIES FOR BALKING AND STOCKOUT 被引量:4

THE DISTRIBUTION-FREE NEWSVENDOR PROBLEM WITH BALKING AND PENALTIES FOR BALKING AND STOCKOUT
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摘要 This paper investigates the ordering policy for the newsvendor problem with customer balking and penalties for balking and stockout. Our analysis is based on the assumption that only the mean and the variance of the demand distribution are known. In contrast to the existing research, we provide a new tradeoff tool as a replacement of the traditional one to weigh the holding cost and the goodwill cost segment: the balking penalty cost and the stockout penalty cost. Specifically, in addition to the stockout penalty, we also introduce the balking penalty, provide a new proof of the optimality of robust ordering policy to guarantee that the lower bound of expected profit obtained by us is tight, and get an robust optimal order quantity which is an exact solution but not an approximate one as before. Numerical experiments are conducted to illustrate the effect of penalties for balking and stockout. This paper investigates the ordering policy for the newsvendor problem with customer balking and penalties for balking and stockout. Our analysis is based on the assumption that only the mean and the variance of the demand distribution are known. In contrast to the existing research, we provide a new tradeoff tool as a replacement of the traditional one to weigh the holding cost and the goodwill cost segment: the balking penalty cost and the stockout penalty cost. Specifically, in addition to the stockout penalty, we also introduce the balking penalty, provide a new proof of the optimality of robust ordering policy to guarantee that the lower bound of expected profit obtained by us is tight, and get an robust optimal order quantity which is an exact solution but not an approximate one as before. Numerical experiments are conducted to illustrate the effect of penalties for balking and stockout.
作者 Hui Yu Jia Zhai
出处 《Journal of Systems Science and Systems Engineering》 SCIE EI CSCD 2014年第2期153-175,共23页 系统科学与系统工程学报(英文版)
关键词 Newsvendor problem DISTRIBUTION-FREE customer balking balking penalty stockout penalty Newsvendor problem, distribution-free, customer balking, balking penalty, stockout penalty
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参考文献18

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同被引文献38

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