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| Author: | Ryzin, G. van Mahajan, S. |
| Title: | On the relationship between inventory costs and variety benefits in retail assortments |
| Journal: | Management Science
1999 : NOV, VOL. 45:11, p. 1496-1509 |
| Index terms: | Inventory control Costs Management science Optimization Retailing |
| Language: | eng |
| Abstract: | Consider a category of product variants distinguished by some attribute such as color or flavour. A retailer must construct an assortment for the category. This problem is analyzed using a multinomial logit model to describe the consumer choice process and a newsboy model to represent the retailer's inventory cost. It is shown that the optimal assortment has a simple structure and insights are provided on how various factors affect the optimal level of assortment variety. |
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