Strategies for a blind newsboy

Rommert J. Casimir

Omega, 1999, vol. 27, issue 1, 129-134

Abstract: Three variations of the newsboy problem, the newsboy problem with fixed container size, the problem of the just-in-time newsboy and the newsboy problem with demand-dependent pricing are analyzed with respect to the value of information. This is determined by comparing the profit of a blind newsboy, who only knows the demand distribution, with the profit of a clear-sighted newsboy, who can accurately predict sales. It is shown that the disadvantage of the blind newsboy is diminished by just-in-time supplies or demand-dependent pricing.

Keywords: newsboy; problem; just-in-time; elasticity; of; demand; lot; size; value; of; information (search for similar items in EconPapers)
Date: 1999
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Citations: View citations in EconPapers (3)

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