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ABSTRACTIn today's competitive market, demand volume and even the underlying demand distribution can change quickly for a newsvendor seller. We refer to sudden changes in demand distribution as demand shocks. When a newsvendor seller has limited demand distribution information and also experiences underlying demand shocks, the majority of existing methods for newsvendor problems may not work well since they either require demand distribution information or assume stationary demand distribution. We present a new, robust, and effective machine learning algorithm for newsvendor problems with demand shocks but without any demand distribution information. The algorithm needs only an approximate estimate of the lower and upper bounds of demand range; no other knowledge such as demand mean, variance, or distribution type is necessary. We establish the theoretical bounds that determine this machine learning algorithm's performance in handling demand shocks. Computational experiments show that this algorithm outperforms the traditional approaches in a variety of situations including large and frequent shocks of the demand mean. The method can also be used as a meta‐algorithm by incorporating other traditional approaches as experts. Working together, the original algorithm and the extended meta‐algorithm can help manufacturers and retailers better adapt their production and inventory control decisions in dynamic environments where demand information is limited and demand shocks are frequent

In this paper we investigate the determinants of municipal labour demand in Sweden 1988-1995. Utilising a major grant reform in 1993, through which a switch from mainly targeted to mainly general central government grants occurred, we are able to identify which type of grants that have the largest effects on municipal employment. We find a larger municipal employment elasticity with respect to grants before the reform, implying that the more freedom given to the municipalities, the less they seem inclined to spend on municipal employment. We further find (i) a short run wage elasticity of appoximately -0.5 and a long run ditto of approximately -0.9, (ii) a quite sluggish adjustment process: only 60% of the desired change in municipal employment is implemented in the first year, (iii) that the demographic structure is an important determinant of municipal employment, and (iv) that the behavioural pattern is different in socialist municipalities.

Cover -- Half Title -- Title -- Copyright -- Original Title -- Original Copyright -- Dedication -- Preface -- Contents -- 1 CONSUMER DEMAND -- 1.1. The demand for margarine -- 1.2. The demand curve and its elasticity -- 1.3. Income elasticity and price elasticity -- 1.4. Quality change - newspapers as an example -- 1.5. Durable consumer goods -- 2 DISTRIBUTORS' MARGINS ON CONSUMER GOODS -- 2.1. The nature of retail margins -- 2.2. Differences in margins between products -- 2.3. Differences in margins between shops -- 2.4. Differences in margins between trades -- 3 PRODUCER DEMAND -- 3.1. The determinants of derived demand -- 3.2. Substitution and output effects -- 3.3. Demand for capital goods -- 3.4. An example - farm tractors -- 4 COSTS -- 4.1. Cost differences between plants - coal mining as an example -- 4.2. Further examples -- 4.3. Economies of scale -- 4.4. Airlines as an example -- 4.5. Depreciation and different cost concepts -- 5 COMPETITION -- 5.1. Different kinds of competition -- 5.2. Free entry and its implications -- 5.3. Retailing as an example -- 5.4. Impediments to adjustment -- 5.5. The analysis of accounting data about profits -- 5.6. Bus companies as an example -- 6 EQUILIBRIUM, PRICES, DEMAND AND SUPPLY -- 6.1. Equilibrium as an analytical device -- 6.2. Empirical approaches -- 6.3. The importance of factors other than price -- 6.4. The complexity of prices -- 6.5. Pricing policy of the Metal Box Company -- 6.6. Coffee prices -- 6.7. The variability of pricing policy between industries -- 6.8. The difficulties of empirical studies -- 6.9. More about factors other than price -- 6.10. The supply curve and its elasticity -- 6.11. Prices, information and incentive -- 7 DEMAND AND SUPPLY IN LABOUR MARKETS -- 7.1. Low paid workers -- 7.2. Wage relativities within a trade -- 7.3. University teachers.