Bayesian Inventory Control: Accelerated Demand Learning via Exploration Boosts

References

• Agrawal N, Smith SA (1996) Estimating negative binomial demand for retail inventory management with unobservable lost sales. Naval Res. Logist. 43(6):839–861.Crossref, Google Scholar
• Azoury KS (1985) Bayes solution to dynamic inventory models under unknown demand distribution. Management Sci. 31(9):1150–1160.Link, Google Scholar
• Bensoussan A, Çakanyildirim M, Sethi SP (2009) A note on “the censored newsvendor and the optimal acquisition of information.” Oper. Res. 57(3):791–794.Link, Google Scholar
• Besbes O, Mouchtaki O (2023) How big should your data really be? Data-driven newsvendor: Learning one sample at a time. Management Sci., ePub ahead of print April 5, https://doi.org/10.1287/mnsc.2023.4725.Google Scholar
• Besbes O, Muharremoglu A (2013) On implications of demand censoring in the newsvendor problem. Management Sci. 59(6):1407–1424.Link, Google Scholar
• Besbes O, Chaneton JM, Moallemi CC (2022) The exploration-exploitation trade-off in the newsvendor problem. Stochastic Systems 12(4):319–339.Link, Google Scholar
• Bisi A, Dada M, Tokdar S (2011) A censored-data multiperiod inventory problem with newsvendor demand distributions. Manufacturing Service Oper. Management 13(4):525–533.Link, Google Scholar
• Braden DJ, Freimer M (1991) Informational dynamics of censored observations. Management Sci. 37(11):1390–1404.Link, Google Scholar
• Chen L (2010) Bounds and heuristics for optimal Bayesian inventory control with unobserved lost sales. Oper. Res. 58(2):396–413.Link, Google Scholar
• Chen L, Mersereau AJ (2015) Analytics for operational visibility in the retail store: The cases of censored demand and inventory record inaccuracy. Agrawal N, Smith SA, eds. Retail Supply Chain Management: Quantitative Models and Empirical Studies, 2nd ed. (Springer, New York), 79–112.Crossref, Google Scholar
• Chen L, Plambeck EL (2008) Dynamic inventory management with learning about the demand distribution and substitution probability. Manufacturing Service Oper. Management 10(2):236–256.Link, Google Scholar
• Chen L, Mersereau AJ, Wang Z (2017) Optimal merchandise testing with limited inventory. Oper. Res. 65(4):968–991.Link, Google Scholar
• DeHoratius N, Mersereau AJ, Schrage L (2008) Retail inventory management when records are inaccurate. Manufacturing Service Oper. Management 10(2):257–277.Link, Google Scholar
• Ding X, Puterman ML, Bisi A (2002) The censored newsvendor and the optimal acquisition of information. Oper. Res. 50(3):517–527.Link, Google Scholar
• Fisher M (1997) What is the right supply chain for your product? Harvard Bus. Rev. 75(2):105–116.Google Scholar
• Fisher M (2009) Or forum–rocket science retailing: The 2006 Philip McCord Morse lecture. Oper. Res. 57(3):527–540.Link, Google Scholar
• Gallego G, Moon I (1993) The distribution free newsboy problem: Review and extensions. J. Oper. Res. Soc. 44(8):825–834.Crossref, Google Scholar
• Hernández-Lerma O (1989) Adaptive Markov Control Processes (Springer-Verlag, New York).Crossref, Google Scholar
• Huh WT, Rusmevichientong P (2009) A nonparametric asymptotic analysis of inventory planning with censored demand. Math. Oper. Res. 34(1):103–123.Link, Google Scholar
• Huh WT, Levi R, Rusmevichientong P, Orlin JB (2011) Adaptive data-driven inventory control with censored demand based on Kaplan-Meier estimator. Oper. Res. 59(4):929–941.Link, Google Scholar
• Jain A, Rudi N, Wang T (2015) Demand estimation and ordering under censoring: Stock-out timing is (almost) all you need. Oper. Res. 63(1):134–150.Link, Google Scholar
• Kamath KR, Pakkala TPM (2002) A Bayesian approach to a dynamic inventory model under an unknown demand distribution. Comput. Oper. Res. 29(4):403–422.Crossref, Google Scholar
• Lariviere MA, Porteus EL (1999) Stalking information: Bayesian inventory management with unobserved lost sales. Management Sci. 45(3):346–363.Link, Google Scholar
• Levi R, Roundy RO, Shmoys DB (2007) Provably near-optimal sampling-based policies for stochastic inventory control models. Math. Oper. Res. 32(4):821–839.Link, Google Scholar
• Li R, Ryan JK (2011) A Bayesian inventory model using real-time condition monitoring information. Production Oper. Management 20(5):754–771.Crossref, Google Scholar
• Liyanage LH, Shanthikumar JG (2005) A practical inventory control policy using operational statistics. Oper. Res. Lett. 33(4):341–348.Crossref, Google Scholar
• Lovejoy WS (1990) Myopic policies for some inventory models with uncertain demand distributions. Management Sci. 36(6):724–738.Link, Google Scholar
• Lu X, Song JS, Regan A (2006) Inventory planning with forecast updates: Approximate solutions and cost error bounds. Oper. Res. 54(6):1079–1097.Link, Google Scholar
• Lu X, Song JS, Zhu K (2005) Inventory control with unobservable lost sales and Bayesian updates. Working paper, Duke University, Durham, NC.Google Scholar
• Lu X, Song JS, Zhu K (2008) Analysis of perishable-inventory systems with censored demand data. Oper. Res. 56(4):1034–1038.Link, Google Scholar
• Mersereau AJ (2015) Demand estimation from censored observations with inventory record inaccuracy. Manufacturing Service Oper. Management 17(3):335–349.Link, Google Scholar
• Nahmias S (1994) Demand estimation in lost sales inventory systems. Naval Res. Logist. 41(6):739–758.Crossref, Google Scholar
• Perakis G, Roels G (2008) Regret in the newsvendor model with partial information. Oper. Res. 56(1):188–203.Link, Google Scholar
• Ramamurthy V, George Shanthikumar J, Shen ZJM (2012) Inventory policy with parametric demand: Operational statistics, linear correction, and regression. Production Oper. Management 21(2):291–308.Crossref, Google Scholar
• Raz G, Druehl CT, Blass V (2013) Design for the environment: Life-cycle approach using a newsvendor model. Production Oper. Management 22(4):940–957.Crossref, Google Scholar
• Scarf HE (1959) Bayes solutions of the statistical inventory problem. Ann. Math. Statist. 30(2):490–508.Crossref, Google Scholar
• Shang KH, Song JS (2003) Newsvendor bounds and heuristic for optimal inventory policies in serial supply chains. Management Sci. 49(5):618–638.Link, Google Scholar
• Wang Z, Mersereau AJ (2017) Bayesian inventory management with potential change-points in demand. Production Oper. Management 26(2):341–359.Crossref, Google Scholar