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Optimal Pricing and Inventory Decisions for Fashion Retailers under Value-At-Risk Objective: Applications and Review

Optimal Pricing and Inventory Decisions for Fashion Retailers under Value-At-Risk Objective: Applications and Review

Chun-Hung Chiu, Jin-Hui Zheng, Tsan-Ming Choi
Copyright: © 2012 |Pages: 10
ISBN13: 9781609607562|ISBN10: 1609607562|EISBN13: 9781609607579
DOI: 10.4018/978-1-60960-756-2.ch005
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MLA

Chiu, Chun-Hung, et al. "Optimal Pricing and Inventory Decisions for Fashion Retailers under Value-At-Risk Objective: Applications and Review." Fashion Supply Chain Management: Industry and Business Analysis, edited by Tsan-Ming Choi, IGI Global, 2012, pp. 100-109. https://doi.org/10.4018/978-1-60960-756-2.ch005

APA

Chiu, C., Zheng, J., & Choi, T. (2012). Optimal Pricing and Inventory Decisions for Fashion Retailers under Value-At-Risk Objective: Applications and Review. In T. Choi (Ed.), Fashion Supply Chain Management: Industry and Business Analysis (pp. 100-109). IGI Global. https://doi.org/10.4018/978-1-60960-756-2.ch005

Chicago

Chiu, Chun-Hung, Jin-Hui Zheng, and Tsan-Ming Choi. "Optimal Pricing and Inventory Decisions for Fashion Retailers under Value-At-Risk Objective: Applications and Review." In Fashion Supply Chain Management: Industry and Business Analysis, edited by Tsan-Ming Choi, 100-109. Hershey, PA: IGI Global, 2012. https://doi.org/10.4018/978-1-60960-756-2.ch005

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Abstract

Motivated by the popularity of Value-at-Risk (VaR) objective in finance, this chapter reviews and studies its application in fashion retail operations management. First, a formal optimization model is reviewed in which the fashion retailer aims at optimizing a VaR objective with both pricing and inventory decisions. Second, the detailed solution schemes are explored. Third, numerical examples are included to illustrate applications of the proposed models. Fourth, the performance of pure buyback contract and pure wholesale pricing contract in enhancing supply chain efficiency is examined. Insights are generated and future research directions are outlined.

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