Skip to main content

Table 1 Summary of the literature on risk-averse newsvendor models

From: Comparing validity of risk measures on newsvendor models in open innovation perspective

Risk Measures \ Model Types Single-product Newsvendor Multi-product Newsvendor
Utility Function Choi and Ruszczyński (2011) Choi and Ruszczyński (2011)
Stochastic Dominance It is a reference criterion.
Thus, it is not directly applicable for implementation.
Chance Constraints (or Value-at-risk) Özler et al. (2009) Özler et al. (2009)
Coherent Mean-deviation from quantile or mean-semideviation Chen et al. (2009)
Yang et al. (2008)
General Coherent Risk Measures Choi and Ruszczyński (2008) Choi and Ruszczyński (2011)
Non-Coherent Mean-variance N/A N/A
Mean-standard deviation N/A N/A