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The Multi-product Newsvendor Problem: Review, Extensions, and Directions for Future Research

In: Handbook of Newsvendor Problems

Author

Listed:
  • Nazli Turken

    (University of Florida)

  • Yinliang Tan

    (University of Florida)

  • Asoo J. Vakharia

    (University of Florida)

  • Lan Wang

    (University of Florida)

  • Ruoxuan Wang

    (University of Florida)

  • Arda Yenipazarli

    (University of Florida)

Abstract

In this paper, we review the contributions to date for the multi-product newsvendor problem (MPNP). Our focus is on the current literature concerning the mathematical models and the solution methods for the multi-item newsvendor problems with single or multiple constraints, as well as the effects of substitute and complementary products on the stocking decisions and expected profits. We present some extensions to the current work for a stylized setting assuming two products and conclude with directions for future research.

Suggested Citation

  • Nazli Turken & Yinliang Tan & Asoo J. Vakharia & Lan Wang & Ruoxuan Wang & Arda Yenipazarli, 2012. "The Multi-product Newsvendor Problem: Review, Extensions, and Directions for Future Research," International Series in Operations Research & Management Science, in: Tsan-Ming Choi (ed.), Handbook of Newsvendor Problems, edition 127, chapter 0, pages 3-39, Springer.
    • Handle: RePEc:spr:isochp:978-1-4614-3600-3_1
    DOI: 10.1007/978-1-4614-3600-3_1
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    Citations

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    Cited by:

    1. Mofidi, Seyed Shahab & Pazour, Jennifer A. & Roy, Debjit, 2018. "Proactive vs. reactive order-fulfillment resource allocation for sea-based logistics," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 114(C), pages 66-84.
    2. Liao Wang, 2021. "Mean–Variance Hedging for Production Planning with Multiple Products," Production and Operations Management, Production and Operations Management Society, vol. 30(10), pages 3497-3522, October.
    3. Baloch, Gohram & Gzara, Fatma & Elhedhli, Samir, 2023. "Risk-based allocation of COVID-19 personal protective equipment under supply shortages," European Journal of Operational Research, Elsevier, vol. 310(3), pages 1085-1100.
    4. McRae, Sebastian & Brunner, Jens O., 2020. "Assessing the impact of uncertainty and the level of aggregation in case mix planning," Omega, Elsevier, vol. 97(C).
    5. Hübner, Alexander & Kuhn, Heinrich & Kühn, Sandro, 2016. "An efficient algorithm for capacitated assortment planning with stochastic demand and substitution," European Journal of Operational Research, Elsevier, vol. 250(2), pages 505-520.
    6. Tahir Ekin & Nicholas G. Polson & Refik Soyer, 2017. "Augmented nested sampling for stochastic programs with recourse and endogenous uncertainty," Naval Research Logistics (NRL), John Wiley & Sons, vol. 64(8), pages 613-627, December.
    7. Dursun, İpek & Grishina, Anastasiia & Akcay, Alp & van Houtum, Geert-Jan, 2024. "Spare parts recommendation for corrective maintenance of capital goods considering demand dependency," European Journal of Operational Research, Elsevier, vol. 318(1), pages 71-86.
    8. Baloch, Gohram & Gzara, Fatma, 2020. "Capacity and assortment planning under one-way supplier-driven substitution for pharmacy kiosks with low drug demand," European Journal of Operational Research, Elsevier, vol. 282(1), pages 108-128.
    9. Chen, Junlin & Feng, Xiaojing & Kou, Gang & Mu, Mengting, 2023. "Multiproduct newsvendor with cross-selling and narrow-bracketing behavior using data mining methods," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 169(C).
    10. Silbermayr, Lena, 2020. "A review of non-cooperative newsvendor games with horizontal inventory interactions," Omega, Elsevier, vol. 92(C).
    11. Fernando Bernstein & Gregory A. DeCroix, 2015. "Advance Demand Information in a Multiproduct System," Manufacturing & Service Operations Management, INFORMS, vol. 17(1), pages 52-65, February.

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