An efficient heuristic for the multi-product satiating newsboy problem

Avijit Khanra

No WP2014-06-03, IIMA Working Papers from Indian Institute of Management Ahmedabad, Research and Publication Department

Abstract: Preference of satiation of a target performance over maximization of expected performance in uncertain situations is well-documented in the economics literature. However, the newsboy problem with satiation (of a pro t target) objective has not received its due attention. In the multi-product setting, solution methods available in the literature are inecient. We developed an ecient heuristic to solve the problem. The heuristic decomposes the multi-product problem into easily solvable single-product problems. We tested the heuristic with a large number of test instances. The heuristic can be adopted to solve the \target assignment problem". We demonstrated it with some numerical examples.

Date: 2014-06-17
New Economics Papers: this item is included in nep-cmp
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