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| Author: | Kouvelis, P. Gutierrez, G. J. |
| Title: | The newsvendor problem in a global market: Optimal centralized and decentralized control policies for a two-market stochastic inventory system |
| Journal: | Management Science
1997 : MAY, VOL. 43:5, p. 571-585 |
| Index terms: | SUPPLY INTERNATIONAL OPERATIONS MANAGEMENT INVENTORIES GLOBAL MARKETING |
| Language: | eng |
| Abstract: | The production and inventory problem of "style goods" has been studied under the label of newsvendor/newsboy problem and its extensions. If a product has a short selling season with a well defined beginning and end and its demand is stochastic, a product is said to be a "style good". The global markets offer to the "style goods" producer more selling opportunities and pose new challenges in production planning and coordination. The opportunity to exploit the difference in timing of the selling season of geographically dispersed markets for "style goods" is important for improving the firms profitability. This article examines the issue with an insightfulmodel of a producer of "style goods" selling to two markets, primary and secondary, with nonoverlapping selling seasons. The article refers to this problem as the "global newsvendor" problem. |
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