Can accessing much data reshape the theory? Inventory theory under the challenge of data-driven systems

Nesim Kohen Erkip

European Journal of Operational Research, 2023, vol. 308, issue 3, 949-959

Abstract: In this review, we discuss the data-driven systems and their effects on the implementation of the inventory theory. After overviewing the theory briefly, we group the data-driven approaches to simplify exposition. We consider the use of available data to estimate the parameters of more complex models, and propose developing the theory in that direction, as well. As a pedagogical example, an extension of the standard EOQ model with heterogenous customers is presented. The review proposes a research agenda for inventory problems and concludes with discussing challenges for the future.

Keywords: Inventory; Data-driven inventory problems; Inventory problem with heterogenous customers; Review (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:308:y:2023:i:3:p:949-959

DOI: 10.1016/j.ejor.2022.08.024

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