Campuses:

lead time

Thursday, October 4, 2018 - 4:00pm - 4:45pm
Cong Shi (University of Michigan)
We consider a periodic-review single-product inventory system with lost-sales and positive lead times under censored demand. In contrast to the classical inventory literature, we assume the firm does not know the demand distribution a priori, and makes adaptive inventory ordering decision in each period based only on the past sales (censored demand) data. The standard performance measure is regret, which is the cost difference between a feasible learning algorithm and the clairvoyant (full-information) benchmark.
Thursday, October 4, 2018 - 2:00pm - 2:45pm
Xin Chen (University of Illinois at Urbana-Champaign)
We consider a joint pricing and inventory control problem with positive replenishment lead times. Although this fundamental problem has been extensively studied in the literature, the structure of the optimal policy remains poorly understood. In this work, we propose a class of so-called constant-order contingent pricing policies with provable performance. Under such a policy, a constant-order amount of new inventory is ordered every period and a pricing decision is made based on the on-hand inventory.
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