The life cycle of new products is becoming shorter and shorter in all markets. For electronic products, life cycles are measured in units of months, with six to twelve-month life cycles being common. Given these short product life-cycles, product demand is increasingly difficult to forecast. Furthermore, demand is never really stationary as the demand rate evolves over the life of the product. ...

T life cycle of new products is becoming shorter and shorter in all markets. For electronic products, life cycles are measured in units of months, with 6to 12-month life cycles being common. Given these short product life cycles, product demand is increasingly difficult to forecast. Furthermore, demand is never really stationary because the demand rate evolves over the life of the product. In t...

We study stochastic inventory planning systems with lost sales and censored demand under stationary and non-stationary settings. Contrary to classical inventory theory, we assume that no knowledge of demand is initially available, and lost sales in each period are unobservable. We take a non-parametric approach and propose adaptive inventory policies that generate a sequence of ordering decisio...

Traditionally, the Lighthill-Whitham-Richards (LWR) models for homogeneous and inhomogeneous roads have been analyzed in the flux-density space with the fundamental diagram of flux-density relation. In this paper, we present a new framework for analyzing the LWR model, especially the Riemann problem at a linear boundary in which the upstream and downstream links are homogeneous and initially ca...

Product tanker shipping companies in the spot market face severe volatility in demand and in price. We explore shipping companies' two problems: evaluating supply and demand of the market and assigning cargoes in order to maximize profitability. By approximating the market as a queueing system, we obtain utilization ratios, which effectively model supply and demand of the market. This approach ...

We study the global optimal solution for a planning problem of inventory control of perishable products and non-stationary demand.

Market transparency, in its most succint form, refers to the level of current trade information revealed to the public by market makers. We analyze the effect of market transparency on the outcomes of postedoffer style B2B markets under both stationary and non-stationary demand conditions. We find that sellers on average can extract significantly higher surplus than buyers, yet the difference d...

The paper considers local linear regression of a time series model with non-stationary regressors and errors. Asymptotic property of the local linear estimator is derived under a new dependence measure of non-stationary time series. We apply the local linear regression method to estimate the ‘‘time-varying’’ coefficients of an economic-causal model for the industrial sector of the U.S. economy....