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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
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Author(s): Chun-Hung Chiu (City University of Hong Kong, Hong Kong), Jin-Hui Zheng (The Hong Kong Polytechnic University, Hong Kong)and Tsan-Ming Choi (The Hong Kong Polytechnic University, Hong Kong)
Copyright: 2013
Pages: 10
Source title: Industrial Engineering: Concepts, Methodologies, Tools, and Applications
Source Author(s)/Editor(s): Information Resources Management Association (USA)
DOI: 10.4018/978-1-4666-1945-6.ch045

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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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