EAN: 9783631615737

THE SINGLE-PERIOD INVENTORY MODEL WITH SPECTRAL...

Inventory management and pricing decisions based on quantitative models both in industrial
practice and academic works often rely on minimizing expected cost  which refers to the concept
of risk-neutrality of the decision maker. Although many useful insights in operational problems
can be obtained by such an approach  it is well understood that incorporating attitudes toward
risk is an important lever for building new theories in other fields such as economics and
finance. In this work spectral risk measures are applied to the price-setting newsvendor
problem and optimal policies are derived. This allows to unify results obtained so far in the
literature under the common concept of spectral risk measures for the case of zero and non-zero
shortage penalty cost.

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