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| Author: | Eppen, G. Iyer, A. |
| Title: | Improved fashion buying with Bayesian updates |
| Journal: | Operations Research
1997 : NOV-DEC, VOL. 45:6, p. 805-819 |
| Index terms: | OPERATIONAL RESEARCH BAYESIAN STATISTICS FASHIONS INDUSTRY |
| Language: | eng |
| Abstract: | The authors focus on the problem of buying fashion goods for the "big book" of a catalogue merchandiser. This company also owns outlet stores and thus has the opportunity, as the season evolves, to divert inventory originally purchased for the big book to the outlet store. The obvious questions are: how much to order originally, and how much to divert to the outlet store as actual demand is observed. The authors develop a model of demand for an individual firm. |
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