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| Author: | Lariviere, M. Porteus, E. |
| Title: | Stalking information: Bayesian inventory management with unobserved lost sales |
| Journal: | Management Science
1999 : MAR, VOL. 45:3, p. 346-363 |
| Index terms: | INFORMATION BAYESIAN STATISTICS INVENTORY CONTROL |
| Language: | eng |
| Abstract: | Retailers are frequently uncertain about the underlying demand distribution of a new product. When taking the empirical Bayesian approach to Scarf (1959), they simultaneously stock the product over time and learn about the distribution. Assuming that unmet demand is lost and unobserved, this learning must be based on observing sales rather than demand, which differs from sales in the event of a stockout. Using the framework and results of Braden and Freimer (1991), the cumulative learning about the underlying demand distribution is captured by two parameters. |
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