Theoretical versus applied models: the newsboy problem


Ward, S.C., Chapman, C.B. and Klein, J.H. (1991) Theoretical versus applied models: the newsboy problem. Omega, 19, 197-206. (doi:10.1016/0305-0483(91)90039-V).

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Description/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.

Item Type: Article
ISSNs: 0305-0483 (print)
Related URLs:
Keywords: newsboy problem, inventory, theory, risk
Subjects: H Social Sciences > HB Economic Theory
Divisions: University Structure - Pre August 2011 > School of Management
ePrint ID: 42671
Date Deposited: 22 Jan 2007
Last Modified: 27 Mar 2014 18:27
URI: http://eprints.soton.ac.uk/id/eprint/42671

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