Electronic Companion — “ Adaptive Data - Driven Inventory Control with Censored Demand Based on Kaplan - Meier Estimator
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Adaptive Data-Driven Inventory Control with Censored Demand Based on Kaplan-Meier Estimator
Using the well-known product-limit form of the Kaplan-Meier estimator from statistics, we propose a new class of nonparametric adaptive data-driven policies for stochastic inventory control problems. We focus on the distribution-free newsvendor model with censored demands. The assumption is that the demand distribution is not known and there are only sales data available. We study the theoretic...
متن کاملAdaptive Data-Driven Inventory Control Policies Based on Kaplan-Meier Estimator for Censored Demand
Adaptive Data-Driven Inventory Control Policies Based on Kaplan-Meier Estimator for Censored Demand Woonghee Tim Huh Sauder School of Business, University of British Columbia, Vancouver, BC, Canada, V6T 1Z2. [email protected] Retsef Levi Sloan School of Management, MIT, Cambridge, MA, 02139 USA [email protected] Paat Rusmevichientong School of Operations Research and Information Engineering, C...
متن کاملAdaptive Data-Driven Inventory Control Policies Based on Kaplan-Meier Estimator
Adaptive Data-Driven Inventory Control Policies Based on Kaplan-Meier Estimator Woonghee Tim Huh Sauder School of Business, University of British Columbia, Vancouver, BC, Canada, V6T 1Z2. [email protected] Retsef Levi Sloan School of Management, MIT, Cambridge, MA, 02139 USA [email protected] Paat Rusmevichientong School of Operations Research and Information Engineering, Cornell University, I...
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In a newsvendor inventory system, demand observations often get right censored when there are lost sales and no backordering. Demands for newsvendor-type products are often forecasted from censored observations. The Kaplan-Meier product limit estimator is the well-known nonparametric method to deal with censored data, but it is undefined beyond the largest observation if it is censored. To addr...
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Identification in censored regression analysis and hazard models of duration outcomes relies on the condition that censoring points are independent of latent outcomes, an assumption which may be questionable in many settings. This note proposes a test for this assumption based on a Kolmogorov-Smirnov-like test statistic comparing two different nonparametric estimators for the latent outcome cdf...
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