The Multi-Product Newsvendor Problem: Review, Extension, and Directions for Future Research
Contribution to Book
Handbook of Newsvendor Problems: Models, Extensions and Applications
In this paper, we review the contributions to date for the multi-product newsvendor problem (MPNP). Our focus is on the current literature concerning the mathematical models and the solution methods for the multi-item newsvendor problems with single and multiple constraints, as well as the effect of substitute and complementary products on the stocking decisions and expected profits. We present some extensions to the current work for a stylized setting assuming two products and conclude with directions for future reference.
Turken, Nazli, Yinliang Tan, Asoo J. Vakharia, Lan Wang, Ruoxuan Wang, Arda Yenipazarli.
"The Multi-Product Newsvendor Problem: Review, Extension, and Directions for Future Research."
Handbook of Newsvendor Problems: Models, Extensions and Applications (1), Tsan-Ming Jason Choi (Ed.), 176: 3-39 New York, NY: Springer-Verlag.