Theoretical versus applied models: The newsboy problem

Sc Ward, Cb Chapman and Jh Klein

Omega, 1991, vol. 19, issue 4, 197-206

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.

Keywords: newsboy; problem; inventory; theory; risk (search for similar items in EconPapers)
Date: 1991
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Citations: View citations in EconPapers (7)

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