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Theoretical versus applied models: The newsboy problem

Author

Listed:
  • Ward, SC
  • Chapman, CB
  • Klein, JH

Abstract

This paper is concerned with the ways in which theoretical decision models fail to meet the needs of practical decision-making. To illustrate the arguments theoretical approaches to the well-known newsboy problem are briefly examined. An alternative applied approach is described to further illustrate practical shortcomings of theoretical approaches.

Suggested Citation

  • Ward, SC & Chapman, CB & Klein, JH, 1991. "Theoretical versus applied models: The newsboy problem," Omega, Elsevier, vol. 19(4), pages 197-206.
    • Handle: RePEc:eee:jomega:v:19:y:1991:i:4:p:197-206
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    Citations

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    Cited by:

    1. Khouja, Moutaz, 1999. "The single-period (news-vendor) problem: literature review and suggestions for future research," Omega, Elsevier, vol. 27(5), pages 537-553, October.
    2. Karuna Jain & Edward A. Silver, 1995. "The single period procurement problem where dedicated supplier capacity can be reserved," Naval Research Logistics (NRL), John Wiley & Sons, vol. 42(6), pages 915-934, September.
    3. Silver, Edward A. & Bischak, Diane P., 2011. "The exact fill rate in a periodic review base stock system under normally distributed demand," Omega, Elsevier, vol. 39(3), pages 346-349, June.
    4. Katsikopoulos, Konstantinos V. & Egozcue, Martin & Garcia, Luis Fuentes, 2022. "A simple model for mixing intuition and analysis," European Journal of Operational Research, Elsevier, vol. 303(2), pages 779-789.
    5. Boutselis, Petros & McNaught, Ken, 2014. "Finite-Time Horizon Logistics Decision Making Problems: Consideration of a Wider Set of Factors," Chapters from the Proceedings of the Hamburg International Conference of Logistics (HICL), in: Blecker, Thorsten & Kersten, Wolfgang & Ringle, Christian M. (ed.), Innovative Methods in Logistics and Supply Chain Management: Current Issues and Emerging Practices. Proceedings of the Hamburg International Conferenc, volume 19, pages 249-274, Hamburg University of Technology (TUHH), Institute of Business Logistics and General Management.
    6. Berling, Peter, 2008. "Real options valuation principle in the multi-period base-stock problem," Omega, Elsevier, vol. 36(6), pages 1086-1095, December.
    7. Youkyung Won, 2016. "Dominance Relationship Among the Retailer’s Strategies Under the Semi-Stackelberg Newsvendor Situation with Quantity Discounts," Asia-Pacific Journal of Operational Research (APJOR), World Scientific Publishing Co. Pte. Ltd., vol. 33(02), pages 1-20, April.

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