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    Rights statement: This is the author’s version of a work that was accepted for publication in European Journal of Operatoinal Research. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in European Jourrnal of Operational Research, 300, 2, 2022 DOI: 10.1016/j.ejor.2021.08.013

    Accepted author manuscript, 452 KB, PDF document

    Embargo ends: 16/08/23

    Available under license: CC BY-NC-ND: Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License

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Newsvendor problems: An integrated method for estimation and optimisation

Research output: Contribution to Journal/MagazineJournal articlepeer-review

Published
<mark>Journal publication date</mark>16/07/2022
<mark>Journal</mark>European Journal of Operational Research
Issue number2
Volume300
Number of pages12
Pages (from-to)590-601
Publication StatusPublished
Early online date16/08/21
<mark>Original language</mark>English

Abstract

Newsvendor problems (NVP) form a classical and important family of stochastic optimisation problems. In this paper, we consider a data-driven solution method proposed recently by Ban and Rudin. We first examine it from a statistical viewpoint, and establish a connection with quantile regression. We then extend the approach to nonlinear NVP. Finally, we give extensive experimental results, on both simulated and real data. The results indicate that the approach performs as well as conventional ones when applied to linear NVP, but performs better when applied to nonlinear NVP. There is also evidence that the approach is more robust with respect to model misspecification.

Bibliographic note

This is the author’s version of a work that was accepted for publication in European Journal of Operational Research. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in European Journal of Operational Research, 300(2), 590-601, 2021. DOI: 10.1016/j.ejor.2021.08.013