Risk in Inventory Models: The Case of the Newsboy Problem -- Optimality Conditions
本文改进了资本资产定价模型在报童问题中的最优性条件，提出一个简单方程来描述最优订货策略，无论协方差项的正负。
A recent article in this Journal employs the capital-asset pricing model for the analysis of the newsboy problem and shows how the covariance risk affects the optimal inventory policy. The purpose of this paper is to sharpen the optimality conditions given by the article and hence to provide a simple method for finding the solution. Under reasonable assumptions, this paper shows that the optimal ordering policy can be described by a single equation, regardless of the sign of the covariance term.