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عنوان فارسی مقاله:
اثرات طبقه بندی فهرست پایین فصل اخیر در مساله احتمالی یک دوره ای
عنوان انگلیسی مقاله:
Late season low inventory assortment effects in the Newsvendor problem
سال انتشار : 2016
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بخشی از مقاله انگلیسی:
2 Literature Review
Our model is related to models in four areas, inventory-dependent demand, assortment management, clearance pricing, and the newsvendor model. The role of inventory in influencing demand has been examined in both deterministic and stochastic inventory-dependent demand models. In these models, demand is assumed to be an increasing function of the inventory level. The increase in demand is attributed to the “advertising effect” in which a large shelf space and display quantity signal product popularity to consumers (Koschat 2008). The “advertising effect” depends on the quantity of displayed product, which may or may not be homogenous. For a comprehensive review of this literature the reader is referred to Urban (2006). Inventory may also influence demand through the “selective effect” in which more units of a product which are not identical, e.g. fresh produce, real Christmas trees, fashion, provide consumers with more choices and induce them to purchase (Wang and Gerchak 2005). The “assortment effect” analyzed in this paper plays a similar role as the selective effect but in the direction of decreasing sales, i.e. if a high inventory level of a heterogenous product increases demand, then a low inventory level below complete assortment may decrease sales. When a product’s inventory level is low, some consumers whose reservation prices would have been met if they found the right product, i.e. one matching their secondary features preferences, will not purchase the product because the remaining selection lacks these features, e.g. color, size, freshness (Maddah and Bish 2007). In this case, sales will be lower than the actual demand in spite of the fact that the newsvendor does not stock out of the product. Assortment can be measured in two ways, breadth and depth (Kok et al. 2009). Breadth is measured by the number of different product categories a retailer carries. Depth is mea- 3 sured by how many stock keeping units (SKUs) a retailer carries in each category. In this sense, depth includes both variants (SKUs) of the product, e.g. color sand size, a retailer carries and the inventory level for each SKU. Finding the optimal breadth of the assortment and its pricing over time has received considerable attention in the literature (Katsifou et al. 2014; Li 2007; Maddah et al. 2014). The optimal depth and pricing of the assortment has received less attention than breadth. Caro and Gallien (2010) analyzed a problem in the fast-fashion industry where stores of a retail chain remove products from display whenever one of its key sizes stocks out and optimized the quantities to ship to stores to maximize profits. Caro and Gallien (2012) analyzed clearance pricing of a global retail chain in which some clearance inventory is moved between stores. Each product group, such as “woman blazers,” are broken into clusters and different pricing policies are applied to the clusters. Smith and Achabal (1998) examined clearance pricing and inventory policies for retail chains. They argued that while the sales rate is not affected by high inventory levels, the sales rate is decreased by low inventory levels, in particular for clothing when there is an incomplete selection of sizes and colors. They refer to an assortment of remaining inventory without complete selection of sizes and colors as “broken assortment.” Their model focused on the optimal price trajectory for the product. Abbott and Palekar (2008) defined the minimum presentation quantity as the minimum shelf space allocated for a product to generate sales corresponding to inherent demand and identified the optimal replenishment policy for a nonperishable product. Kalyanam et al. (2007) analyzed how the presence of every color and size, which they refer to as product attributes, affect sales. They found that substitution in case of shortages of some items is not common and was limited to a few colors. Furthermore, there was little substitution across sizes. This finding supports the conclusion that consumers who can’t find a unit with their preferred secondary features get less utility from purchasing one with different secondary features, e.g. color or size. Vakhutinsky et al. (2012) developed a markdown optimization (MDO) model in which demand is a function of price, seasonality, and inventory
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کلمات کلیدی:
Stocking Retail Assortments Under Dynamic Consumer Substitution ... pubsonline.informs.org/doi/abs/10.1287/opre.49.3.334.11210?ssource=mfc&rss... We analyze a single-period, stochastic inventory model (newsboy-like ... However, we propose and analyze a stochastic gradient algorithm for the problem, and ... that substitution effects can have a significant impact on an assortment's gross ... Newsvendor pricing and assortment under Poisson decomposition ... www.tandfonline.com/doi/full/10.1080/0740817X.2013.860509?mobileUi=0 Jump to Effect of inventory considerations on pricing - The effect of inventory is gauged by comparing the .... a closed form as function of the problem parameters, ... [PDF]Decision Bias in the Newsvendor Problem with a Known Demand ... opim.wharton.upenn.edu/~cachon/pdf/cachon_schweitzer_ms.pdf by ME Schweitzer - 2000 - Cited by 787 - Related articles In the newsvendor problem a decision maker orders inventory before a one ... Theory preferences, waste aversion, stockout aversion, or the consequences of ... [PDF]Literature Review - Springer www.springer.com/cda/content/document/cda.../9783319133041-c2.pdf?SGWID... review on the assortment planning problem and related aspects, the interested reader is referred to ... is that the distribution chosen is also capable of capturing the effects of demand ... A single-period newsvendor solution is obtained under. [PDF]jinfopre 9-3opre037 - Columbia Business School - Columbia University https://www0.gsb.columbia.edu/mygsb/faculty/research/.../vanryzin_stocking.pdf by S MAHAJAN - Cited by 330 - Related articles We analyze a single-period, stochastic inventory model (newsboy-like model) in which a ... algorithm for the problem, and prove that it converges to a stationary point of the expected .... consider the effect of dynamic substitution on assortment. [PDF]Assortment decision in the Multi-Product News-Vendor Problem ... - Hal https://hal.archives-ouvertes.fr/hal-01260542/document by S Ma - 2015 - Related articles Jan 30, 2016 - Thus, the optimization of product assortment (the products to sell), and ..... Vendor problem because we consider no substitution effects in this step. ..... [2] Y. Qin, R. Wang, and A. J.Vakharia, “The newsvendor problem: Review.
