Theoretical versus applied models: the newsboy problem
Theoretical versus applied models: the newsboy problem
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.
newsboy problem, inventory, theory, risk
197-206
Ward, S.C.
ac1bf683-4186-44e7-9f5e-4193ee4d03cd
Chapman, C.B.
a4f4805b-b67d-4c4c-856b-78e01a2c89a0
Klein, J.H.
639e04f0-059a-4566-9361-a4edda0dba7d
1991
Ward, S.C.
ac1bf683-4186-44e7-9f5e-4193ee4d03cd
Chapman, C.B.
a4f4805b-b67d-4c4c-856b-78e01a2c89a0
Klein, J.H.
639e04f0-059a-4566-9361-a4edda0dba7d
Ward, S.C., Chapman, C.B. and Klein, J.H.
(1991)
Theoretical versus applied models: the newsboy problem.
OMEGA - The International Journal of Management Science, 19, .
(doi:10.1016/0305-0483(91)90039-V).
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.
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Published date: 1991
Keywords:
newsboy problem, inventory, theory, risk
Organisations:
Management
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Local EPrints ID: 42671
URI: http://eprints.soton.ac.uk/id/eprint/42671
ISSN: 0305-0483
PURE UUID: 9bdde132-a345-4668-b667-5d68a7c3be98
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Date deposited: 22 Jan 2007
Last modified: 16 Mar 2024 02:34
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Author:
S.C. Ward
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