Data-Driven Joint Pricing and Inventory Management Newsvendor Problem

Pengxiang Zhou and Wai Kin (Victor) Chan ()
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Pengxiang Zhou: Tsinghua University
Wai Kin (Victor) Chan: Tsinghua University

A chapter in AI and Analytics for Smart Cities and Service Systems, 2021, pp 397-403 from Springer

Abstract: Abstract Data-driven methods are proposed to optimize both pricing and inventory management strategies in price and quantity setting newsvendor problem. Simulation experiments show that prescriptive method and casual sample average approximation outperform Predict-then-Optimize method. Sample average approximation might be even worse when ignoring pricing effect on demand uncertainty.

Keywords: Data-driven; Pricing; Inventory management; Causality (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/978-3-030-90275-9_31

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