Preparing Our Students to Be Newsvendors

30 Pages Posted: 27 Jun 2001

See all articles by Phillip E. Pfeifer

Phillip E. Pfeifer

University of Virginia - Darden School of Business

Samuel E. Bodily

University of Virginia - Darden School of Business

Robert L. Carraway

University of Virginia - Darden School of Business

Dana R. Clyman

University of Virginia - Darden Graduate School of Business Administration

Sherwood C. Frey

University of Virginia - Darden School of Business

Date Written: 2001

Abstract

Teachers of management science or quantitative methods in schools of business probably recognize the above passage as the beginning of a description of one of our discipline's favorite problems?the newsvendor problem. Known by many names....newsboy, Christmas tree, and single-period inventory....this problem can be found in almost every introductory management science or quantitative methods textbook and is utilized regularly in our research (see Casimir 1999, Lau and Lau 1997, and Lippman and McCardle 1997). To complete the problem description, we would expect to find a probabilistic forecast of daily demand for Farm Grown's product, and the question posed as to how many cases Farm Grown should purchase at the start of the day.

Suggested Citation

Pfeifer, Phillip E. and Bodily, Samuel E. and Carraway, Robert L. and Clyman (deceased), Dana R. and Frey, Sherwood C., Preparing Our Students to Be Newsvendors (2001). Darden Business School Working Paper No. 01-11. Available at SSRN: https://ssrn.com/abstract=275194 or http://dx.doi.org/10.2139/ssrn.275194

Phillip E. Pfeifer (Contact Author)

University of Virginia - Darden School of Business ( email )

P.O. Box 6550
Charlottesville, VA 22906-6550
United States
434-924-4803 (Phone)

HOME PAGE: http://www.darden.virginia.edu/faculty/Pfeifer.htm

Samuel E. Bodily

University of Virginia - Darden School of Business ( email )

P.O. Box 6550
Charlottesville, VA 22906-6550
United States
434-924-4813 (Phone)
434-293-7677 (Fax)

HOME PAGE: http://www.darden.virginia.edu/faculty/bodily.htm

Robert L. Carraway

University of Virginia - Darden School of Business ( email )

P.O. Box 6550
Charlottesville, VA 22906-6550
United States

HOME PAGE: http://www.darden.virginia.edu/faculty/carraway.htm

Dana R. Clyman (deceased)

University of Virginia - Darden Graduate School of Business Administration

N/A

Sherwood C. Frey

University of Virginia - Darden School of Business ( email )

P.O. Box 6550
Charlottesville, VA 22906-6550
United States

HOME PAGE: http://www.darden.virginia.edu/faculty/frey.htm

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