Almost all of these studies consider the product
quantity demand as a random variable to determine the optimal
order quantity in order to maximally achieve the anticipated objective,
such as expected profit, expected utility, the firm’s market value,
and the probability of reaching the expected profit level. In
addition, some researchers have extended the classical newsboy
problem based on various considerations. For example, considering
the products with a long-selling period and highly volatile stochastic
demand,