Note: The newsvendor model with endogenous demand
Note: The newsvendor model with endogenous demand
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DOI：
10.1287/mnsc.47.11.1488.10252
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发表时间：
2001-11-01
影响因子：
5.4
通讯作者：
Petruzzi, NC
中科院分区：
文献类型：
--
作者：
Dana, JD;Petruzzi, NC
本文研究了当需求不确定且同时依赖于价格和库存水平时，企业的价格和库存策略。作者扩展了经典的报童模型，假设期望效用最大化的消费者之间的选择访问该公司消费外生的，外部的选项。外部选项代表了消费者在选择之前访问公司时放弃的效用--知道产品是否可用。作者调查的情况下，公司的价格是外生的，在这种情况下，价格是最优选择。本文有两个贡献。首先，作者表明，企业持有更多的库存，提供了更高的填充率，吸引更多的客户，并赚取更高的利润时，它的库存对需求的影响内部化。其次，作者表明，在内生价格的情况下，企业的二维决策问题可以减少到两个，顺序，单变量优化。因此，内生价格的情况下是一样容易解决的外生价格的情况。
This paper considers a firm's price and inventory policy when it faces uncertain demand that depends on both price and inventory level. The authors extend the classic newsvendor model by assuming that expected utility maximizing consumers choose between visiting the firm an consuming an exogenous, outside option. The outside option represents the utility the consumer forgoes when she chooses to visit the firm before-knowing whether or not the product will be available. The authors investigate both the case in which the firm's price is exogenous and the case in which price is chosen optimally. The paper makes two contributions. First, the authors show that the firm holds more inventories, provides a higher fill rate, attracts more customers, and earns higher profits when it internalizes the effect of its inventory on demand. Second, the authors show that in the endogenous price case the firm's two-dimensional decision problem can be reduced to two, sequential, single-variable optimizations. As a result, the endogenous-price case is as easy to solve as the exogenous-price case.