An Agent-Based Approach to the Newsvendor Problem with Price-Dependent Demand
An Agent-Based Approach to the Newsvendor Problem with Price-Dependent Demand作者机构：School of Business Wake Forest University Winston-Salem USA
出 版 物：《American Journal of Operations Research》 (美国运筹学期刊（英文）)
年 卷 期：2020年第10卷第4期
页 面：101-110页
学科分类：0202[经济学-应用经济学] 02[经济学]
主 题：Optimization Heuristic Search
摘 要：This research presents an agent-based approach to finding near-optimal solutions to the newsvendor problem with price-dependent demand. The classical newsvendor problem is pursued where the decision of order quantity needs to be made in order to maximize expected profit. Here, the additional caveat of price-sensitive demand is included. This means that price (P) and order quantity (Q) are decision variables under the control of the newsvendor, with the intent of maximizing the expected value of the associated profit. The solution approach exploits an agent-based strategy, where an artificial agent traverses a grid-coordinate system of Price and Quantity values, where each unique Price and Quantity combination results in an expected profit. The agent-based approach consistently results in optimal solutions to a problem from the literature.
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