Inventory management and pricing decisions based on quantitative
models both in industrial practice and academic works often rely on
minimizing expected cost, which refers to the concept of
risk-neutrality of the decision maker. Although many useful
insights in operational problems can be obtained by such an
approach, it is well understood that incorporating attitudes toward
risk is an important lever for building new theories in other
fields such as economics and finance. In this work spectral risk
measures are applied to the price-setting newsvendor problem and
optimal policies are derived. This allows to unify results obtained
so far in the literature under the common concept of spectral risk
measures for the case of zero and non-zero shortage penalty cost.
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