The distribution-free newsboy problem : Extensions to the shortage penalty case

@inproceedings{Alfares2004TheDN,
  title={The distribution-free newsboy problem : Extensions to the shortage penalty case},
  author={Hesham K. Alfares and Hassan H. Elmorra},
  year={2004}
}
In the classical newsboy problem, no cost is assumed if the ordered quantity is less than the demand. However, in reality failure to meet demand is always associated with a penalty. The aim of this work is to extend the analysis of the distribution-free newsboy problem to the case when shortage cost is taken into consideration. The analysis is based on the assumption that only the mean and variance of demand are known, but its particular probability distribution is not. A model is presented for… CONTINUE READING

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