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A Study of the Optimum Lot Size and the Newsboy Problem Under Random Demands

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  • Sira Allende Alonso

    (Universidad de La Habana. Cuba.)

  • SCarlos Bouza Herrera

    (Universidad de La Habana. Cuba.)

Abstract

The determination of the optimum lot size is a stochastic problem because of the randomness of the demands. The usual approaches consider that the involved distributions are known. We consider the case in which they are unknown. The optimization problem is probabilistic constraint program. The demands are modeled by an autoregressive process and the needed quantiles are derived. The newsboy problem is revisited using the derived results.

Suggested Citation

  • Sira Allende Alonso & SCarlos Bouza Herrera, 2004. "A Study of the Optimum Lot Size and the Newsboy Problem Under Random Demands," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2016), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 3, pages 1-25, February.
    • Handle: RePEc:eac:articl:03/03
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