Order quantities for style goods with two order opportunities and Bayesian updating of demand. Part I: no capacity constraints

This paper is the first of two that study the problem of ordering a family of style-goods products where demand is uncertain and there are two order opportunities. The first opportunity has a long lead time and low unit cost. The second opportunity has a short lead time and high unit cost. During the time between the two order opportunities new information on demand becomes available. The information is used in a Bayesian estimation process to …