A decision procedure for the transition from uncertainty to risk in a single-period inventory problem.
Approved for public release; distribution unlimited === Minimum expected-cost solutions to the single-period inventory problem (the Newsboy problem) have been well known for many years, for risk cases where the distribution of demand is known. Also well known are minimax cost and Laplace solutio...
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Monterey, California. Naval Postgraduate School
2012
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| Online Access: | http://hdl.handle.net/10945/18393 |
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ndltd-nps.edu-oai-calhoun.nps.edu-10945-183932015-05-16T04:04:21Z A decision procedure for the transition from uncertainty to risk in a single-period inventory problem. Sagdic, Kadir Lindsay, G.F. Gaver, Donald P. Operations Research Approved for public release; distribution unlimited Minimum expected-cost solutions to the single-period inventory problem (the Newsboy problem) have been well known for many years, for risk cases where the distribution of demand is known. Also well known are minimax cost and Laplace solutions for the uncertainty case where only the range of demand is known. This study explores the use of orderstatistic- based quantile estimators as decision procedures while data gathers during the early decision periods. Simulation, using a variety of demand distributions and unit-cost values, provides recommendations on which period to leave the minimax procedure for a suggested data-based decision rule which will be asymtotic to the optimal risk procedure. 2012-11-16T19:21:24Z 2012-11-16T19:21:24Z 1978-09 Thesis http://hdl.handle.net/10945/18393 en_US Monterey, California. Naval Postgraduate School |
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NDLTD |
| language |
en_US |
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NDLTD |
| description |
Approved for public release; distribution unlimited === Minimum expected-cost solutions to the single-period
inventory problem (the Newsboy problem) have been well known
for many years, for risk cases where the distribution of
demand is known. Also well known are minimax cost and Laplace
solutions for the uncertainty case where only the range of
demand is known. This study explores the use of orderstatistic-
based quantile estimators as decision procedures while data gathers during the early decision periods.
Simulation, using a variety of demand distributions and
unit-cost values, provides recommendations on which period
to leave the minimax procedure for a suggested data-based
decision rule which will be asymtotic to the optimal risk
procedure. |
| author2 |
Lindsay, G.F. |
| author_facet |
Lindsay, G.F. Sagdic, Kadir |
| author |
Sagdic, Kadir |
| spellingShingle |
Sagdic, Kadir A decision procedure for the transition from uncertainty to risk in a single-period inventory problem. |
| author_sort |
Sagdic, Kadir |
| title |
A decision procedure for the transition from uncertainty to risk in a single-period inventory problem. |
| title_short |
A decision procedure for the transition from uncertainty to risk in a single-period inventory problem. |
| title_full |
A decision procedure for the transition from uncertainty to risk in a single-period inventory problem. |
| title_fullStr |
A decision procedure for the transition from uncertainty to risk in a single-period inventory problem. |
| title_full_unstemmed |
A decision procedure for the transition from uncertainty to risk in a single-period inventory problem. |
| title_sort |
decision procedure for the transition from uncertainty to risk in a single-period inventory problem. |
| publisher |
Monterey, California. Naval Postgraduate School |
| publishDate |
2012 |
| url |
http://hdl.handle.net/10945/18393 |
| work_keys_str_mv |
AT sagdickadir adecisionprocedureforthetransitionfromuncertaintytoriskinasingleperiodinventoryproblem AT sagdickadir decisionprocedureforthetransitionfromuncertaintytoriskinasingleperiodinventoryproblem |
| _version_ |
1716803777602781184 |