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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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.
|Keywords:||newsboy problem, inventory, theory, risk|
|Subjects:||H Social Sciences > HB Economic Theory|
|Divisions:||University Structure - Pre August 2011 > School of Management
|Date Deposited:||22 Jan 2007|
|Last Modified:||27 Mar 2014 18:27|
|RDF:||RDF+N-Triples, RDF+N3, RDF+XML, Browse.|
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