The objective of this article is to provide a novel extension the conventional inverse Weibull distribution that adds an extra shape parameter increase its flexibility. This addition beneficial in variety fields, including reliability, economics, engineering, biomedical science, biological research, environmental studies, and finance. For modeling real data, several expanded classes distributio...

We address the problem of computing optimal policies for a finite-horizon newsvendor model with censored demand and perishable inventory. By combining an earlyperiod optimization based grid search with easily computable late-period bounds, we are able to handle a broad range of demand distributions and prior specifications. The grid-search is performed on a discretization of the demand-decision...

The instance theory assumes that automatic performance is based on single-step direct-access retrieval from memory of prior solutions to present problems. The theory predicts that the shape of the learning curve depends on the shape of the distribution of retrieval times. One can deduce from the fundamental assumptions of the theory that (1) the entire distribution of reaction times, not just t...

For β = 1 the Weibull distribution coincides with the exponential distribution with mean α. In general, α represents the .632-quantile of the Weibull distribution regardless of the value of β since Fα,β(α) = 1 − exp(−1) ≈ .632 for all β > 0. Figure 1 shows a representative collection of Weibull densities. Note that the spread of the Weibull distributions around α gets smaller as β increases. Th...