Single Period Inventory Control and Pricing
Subtitle: An Empirical and Analytical Study of a Generalized Model
Publisher: Peter Lang International Academic Publishers
Published: 2018
Place of publication: Bern
Number of pages: 116
Subjects: Monetary economics
Description: 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.
Notes: Open Access Unrestricted online access

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