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Strategies for a blind newsboy

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  • Casimir, Rommert J.

Abstract

Three variations of the newsboy problem, the newsboy problem with fixed container size, the problem of the just-in-time newsboy and the newsboy problem with demand-dependent pricing are analyzed with respect to the value of information. This is determined by comparing the profit of a blind newsboy, who only knows the demand distribution, with the profit of a clear-sighted newsboy, who can accurately predict sales. It is shown that the disadvantage of the blind newsboy is diminished by just-in-time supplies or demand-dependent pricing.

Suggested Citation

  • Casimir, Rommert J., 1999. "Strategies for a blind newsboy," Omega, Elsevier, vol. 27(1), pages 129-134, February.
    • Handle: RePEc:eee:jomega:v:27:y:1999:i:1:p:129-134
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    References listed on IDEAS

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    1. Lau, Hon-Shiang & Hing-Ling Lau, Amy, 1996. "The newsstand problem: A capacitated multiple-product single-period inventory problem," European Journal of Operational Research, Elsevier, vol. 94(1), pages 29-42, October.
    2. Jones, Philip & Hudson, John, 1996. "Standardization and the costs of assessing quality," European Journal of Political Economy, Elsevier, vol. 12(2), pages 355-361, September.
    3. Casimir, RJ, 1990. "The newsboy and the flower-girl," Omega, Elsevier, vol. 18(4), pages 395-398.
    4. Khouja, Moutaz & Mehrez, Abraham & Rabinowitz, Gad, 1996. "A two-item newsboy problem with substitutability," International Journal of Production Economics, Elsevier, vol. 44(3), pages 267-275, July.
    5. Khouja, Moutaz, 1995. "The newsboy problem under progressive multiple discounts," European Journal of Operational Research, Elsevier, vol. 84(2), pages 458-466, July.
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    1. Casimir, Rommert J., 2002. "The value of information in the multi-item newsboy problem," Omega, Elsevier, vol. 30(1), pages 45-50, February.
    2. Wang, Charles X. & Webster, Scott, 2009. "The loss-averse newsvendor problem," Omega, Elsevier, vol. 37(1), pages 93-105, February.
    3. Phillip E. Pfeifer & Samuel E. Bodily & Robert L. Carraway & Dana R. Clyman & Sherwood C. Frey, 2001. "Preparing Our Students to Be Newsvendors," Interfaces, INFORMS, vol. 31(6), pages 112-122, December.

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