Mean-Risk Analysis of Single-Period Inventory Problems

Tsan-Ming Choi and Chun-Hung Chiu
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Tsan-Ming Choi: The Hong Kong Polytechnic University
Chun-Hung Chiu: City University of Hong Kong

Chapter Chapter 2 in Risk Analysis in Stochastic Supply Chains, 2012, pp 21-39 from Springer

Abstract: Abstract In this chapter, we carry out mean-risk analysis for the single-period inventory problems. We first construct the basic inventory control model under the mean-risk framework. We then present two kinds of mean-risk objective functions and analytically prove the existence of an efficient region for either mean-risk model. After that, we explore the construction of the efficient frontier in the mean-risk domain. Before we conclude, numerical analysis is presented to illustrate the mean-risk trade-off in the single-period inventory decision making problems.

Keywords: Single-period Inventory Problem; Mean-risk Objective Function; Efficient Frontier; Efficient Region; Risk-averse Retailer (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1007/978-1-4614-3869-4_2

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