Foundations of Stochastic Inventory Theory¶
Porteus, E. L. (2002). Foundations of Stochastic Inventory Theory. Stanford University Press.
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Primes¶
- Comparative Statics
- The parameterized resting state is the optimal base-stock level \(s^*\), defined by the newsvendor balance condition that equates the marginal cost of holding one more unit against the marginal cost of a stockout: \(P(\text{demand} \le s^*) = \frac{c_u}{c_u + c_o}\), where \(c_u\) is underage cost and \(c_o\) overage cost.
This sourceDerives the newsvendor critical-fractile solution equating underage and overage costs, the base-stock optimality condition. (
- The parameterized resting state is the optimal base-stock level \(s^*\), defined by the newsvendor balance condition that equates the marginal cost of holding one more unit against the marginal cost of a stockout: \(P(\text{demand} \le s^*) = \frac{c_u}{c_u + c_o}\), where \(c_u\) is underage cost and \(c_o\) overage cost.
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