Technical Note—Data-Driven Profit Estimation Error in the Newsvendor Model

References

• Ban G-Y, Rudin C (2019) The big data newsvendor: Practical insights from machine learning. Oper. Res. 67(1):90–108.Link, Google Scholar
• Ban G-Y, Gallien J, Mersereau AJ (2019) Dynamic procurement of new products with covariate information: The residual tree method. Manufacturing Service Oper. Management 21(4):798–815.Link, Google Scholar
• Barabás B (1987) Estimation of density functions by order statistics. Periodica Math. Hungarica 18:115–122.Crossref, Google Scholar
• Bertsimas D, Kallus N (2020) From predictive to prescriptive analytics. Management Sci. 66(3):1025–1044.Link, Google Scholar
• Chu L, Shanthikumar J, Shen Z (2008) Solving operational statistics via a Bayesian analysis. Oper. Res. Lett. 36:110–116.Crossref, Google Scholar
• Gupta V, Rusmevichientong P (2021) Small-data, large-scale linear optimization with uncertain objectives. Management Sci. 67(1):220–241.Link, Google Scholar
• Gupta V, Huang M, Rusmevichientong P (2023) Debiasing in-sample policy performance for small-data, large-scale optimization. Oper. Res. Forthcoming.Google Scholar
• He B, Dexter F, Macario A, Zenios S (2012) The timing of staffing decisions in hospital operating rooms: Incorporating workload heterogeneity into the newsvendor problem. Manufacturing Service Oper. Management 14(1):99–114.Link, Google Scholar
• Ito S, Yabe A, Fujimaki R (2018) Unbiased objective estimation in predictive optimization. Dy J, Krause A, eds. Proc. 35th Internat. Conf. on Machine Learn., vol. 80 (PMLR, New York), 2176–2185.Google Scholar
• Kleywegt A, Shapiro A, Homem-De-Mello T (2002) The sample average approximation method for stochastic discrete optimization. SIAM J. Optim. 12(2):479–502.Crossref, Google Scholar
• Levi R, Perakis G, Uichanco J (2015) The data-driven newsvendor problem: New bounds and insights. Oper. Res. 63(6):1294–1306.Link, Google Scholar
• Levi R, Roundy R, Shmoys D (2007) Provably near-optimal sampling-based policies for stochastic inventory control models. Math. Oper. Res. 32(4):821–839.Link, Google Scholar
• Liyanage L, Shanthikumar J (2005) A practical inventory control policy using operational statistics. Oper. Res. Lett. 33:341–348.Crossref, Google Scholar
• Serfling R (1980) Approximation Theorems of Mathematical Statistics (Wiley, New York).Crossref, Google Scholar
• Siegel A, Wagner M (2021) Profit estimation error in the newsvendor model under a parametric demand distribution. Management Sci. 67(8):4863–4879.Link, Google Scholar
• Tusnády G (1974) On testing density functions. Periodica Math. Hungarica 5:161–169.Crossref, Google Scholar