Proposal – Generalizations of Newsvendor Problem 1. Introduction: The newsvendor model has been used in operations management and applied economics for years to determine optimal ordering quantity under uncertain demand. Perishable goods such as banana and lettuce cannot be carried from one period to another. Managers have to make decision on the inventory level of perishable goods over a very limited period. For example‚ due to the uncertainty of the demand of the newspaper‚ the newsboy
Premium Operations research Economic order quantity Random variable
variable at another point in time (z10)‚ (h10)‚ (u10) z10 = E(ut | xt) = 0 When (z10) holds then the regressors are contemporaneously exogenous and OLS is consistent but is not sufficient for OLS to be unbiased When TS3 holds‚ which implies (z10)‚ then the regressors are strictly exogenous and OLS is unbiased h10 = Var(ut | xt) = 2 and is known as contemporaneous homoskedasticity and is a weaker assumption than TS4 u10 = E(utus | xt‚xs) = 0 and is a weaker assumption than TS5 FDL model and LRP
Premium Time series analysis Regression analysis Time series
Lecture Note # 1 Measuring the Key Economic Indicators Microeconomics: Looks at how individual economic agents (i.e. consumers/households and producers/firms) make their day-to-day decisions. Macroeconomics: Looks at the overall behavior of the entire economy of a country. So in addition to households and firms‚ it also looks at the government and frequently at the rest of the world. The four target variables that all macroeconomists are concerned about are: (1) Gross Domestic Product (GDP):
Premium Inflation Gross domestic product Economics
Optimization methods in portfolio management and option hedging ∗ Huyˆn PHAM e Laboratoire de Probabilit´s et e Mod`les Al´atoires e e CNRS‚ UMR 7599 Universit´ Paris 7 e e-mail: pham@math.jussieu.fr and Institut Universitaire de France April 24‚ 2007 Abstract These lecture notes give an introduction to modern‚ continuous-time portfolio management and option hedging. We present the stochastic control method to portfolio optimization‚ which covers Merton’s pioneering work. The
Premium Risk aversion Utility
DEMAND MANAGEMENT AND FORECASTING Reported By: Mary Ann P. del Rosario DEMAND MANAGEMENT MACROECONOMICS use of monetary and fiscal policies to influence the aggregate demand for goods or services in an economy. MICROECONOMICS activities in support of a firm’s products in their marketplace‚ such as stimulating the demand‚ estimating its volume‚ and planning the production accordingly. DEMAND MANAGEMENT is a planning methodology used to management and forecast the demand of products and services
Premium Forecasting Regression analysis
Working Paper No. 00-01-01 Are Policy Rules Better than the Discretionary System in Taiwan? James P. Cover C. James Hueng and Ruey Yau Are Policy Rules Better than the Discretionary System in Taiwan? James Peery Cover Department of Economics‚ Finance‚ and Legal Studies University of Alabama Phone: 205-348-8977 Fax: 205-348-0590 Email: jcover@cba.ua.edu C. James Hueng Department of Economics‚ Finance‚ and Legal Studies University of Alabama Phone: 205-348-8971 Fax: 205-348-0590 Email:
Premium Inflation Monetary policy Central bank
Dehradun‚ India Exponential Smoothing Class Values Ft+1 = α.Xt + (1- α).Ft ----------------------------------- Eqn 1 Ft+1----- Forecasted Value of the next period “t+1” α------- Smoothing Factor/Coefficient Xt------- Actual Value of the current period “t” Ft------- Forecasted Value of the current period “t” Table 1 α=0.2 Months | Actual Values | Forecasted Values | Forecast Error | Jan | 66.1 | - | - | Feb | 66.1 | 66.1 | 0 | Mar | 66.4 | 66
Premium Exponential smoothing Forecasting Moving average
CHAPTER 1 SOLUTIONS TO PROBLEMS 1.1 (i) Ideally‚ we could randomly assign students to classes of different sizes. That is‚ each student is assigned a different class size without regard to any student characteristics such as ability and family background. For reasons we will see in Chapter 2‚ we would like substantial variation in class sizes (subject‚ of course‚ to ethical considerations and resource constraints). (ii) A negative correlation means that larger class size is associated
Premium Regression analysis
ARTICLE IN PRESS Pattern Recognition 43 (2010) 1531–1549 Contents lists available at ScienceDirect Pattern Recognition journal homepage: www.elsevier.de/locate/pr Two-stage image denoising by principal component analysis with local pixel grouping Lei Zhang a‚Â Weisheng Dong a‚b‚ David Zhang a‚ Guangming Shi b a b Department of Computing‚ The Hong Kong Polytechnic University‚ Hong Kong‚ China Key Laboratory of Intelligent Perception and Image Understanding (Chinese Ministry of
Premium Image processing
produce tyres which could withstand the extra load the vehicles were made to carry‚ while providing drivers with the crucial safety net. It was a tyre called the Hercules which was the first of its kind. Later‚ products like Amar‚ Loadstar and XT-7‚ XT-9 and XT-9 Gold were
Premium Sun Helios Corporation