Detail publikace

A Note on the Newsvendor Problem with Pricing

HRABEC, D. POPELA, P. NOVOTNÝ, J. HAUGEN, K. OLSTAD, A.

Anglický název

A Note on the Newsvendor Problem with Pricing

Typ

Stať ve sborníku v databázi WoS či Scopus

Jazyk

en

Originální abstrakt

The main purpose of the paper is to present a specific case of dynamic pricing for the newsvendor problem. Firstly, a short overview of the newsvendor problem is given together with references to selected literature and remarks to its applicability. Then, dynamic pricing principles are discussed together with references to a decision dependent randomness case in stochastic programming. The dynamic pricing problem deals with determination of selling prices over time for a product whose demand is random and whose supply is fixed. We approach this problem by formulating the newsvendor problem, which is introduced as a single period problem in our case. We focus on specific features of the demand function assuming a decision dependent uniform distribution. We assume that its support size linearly decreases with the increase of the price. Under such assumptions, the model has suitable computational features related to the expectation of the objective function. In addition, a possibility to increase the profit by change of the price may appear. The model formulation allows us to use the MAPLE software for symbolic computations and visualization of results. The test results for the selected data set are visualized at the end of the paper.

Klíčová slova anglicky

stochastic programming, newsvendor problem, dynamic pricing, MAPLE

Vydáno

2012-06-27

Nakladatel

VUT

Místo

Brno

ISBN

978-80-214-4540-6

ISSN

1803-3814

Kniha

18th International Conference of Soft Computing, MENDEL 2012 (id 19255)

Časopis

Mendel Journal series

Ročník

2012

Číslo

1

Strany od–do

410–415

Počet stran

6

BIBTEX


@inproceedings{BUT93317,
  author="Dušan {Hrabec} and Pavel {Popela} and Jan {Novotný} and Kjetil Kare {Haugen} and Asmund {Olstad}",
  title="A Note on the Newsvendor Problem with Pricing",
  booktitle="18th International Conference of Soft Computing, MENDEL 2012 (id 19255)",
  year="2012",
  series="2012",
  journal="Mendel Journal series",
  volume="2012",
  number="1",
  pages="410--415",
  publisher="VUT",
  address="Brno",
  isbn="978-80-214-4540-6",
  issn="1803-3814"
}