Mar 03

Commemoration of our founding President Kenneth J. Arrow

Kenneth J. Arrow
(1921-2017, ISIR President  1982-1990)

Our founding President  left us on February 21. He was one of the greatest economists of all times, who also put down some of the fundamentals  of several  other branches of social sciences.  For a major obituary, please click here. Besides the magnificent contribution to scientific knowledge  by his own papers, it is worth mentioning that five of his PhD students got later the Nobel Prize.

Ken Arrow was one of the founding fathers  of the mathematical modelling of inventories.  He co-edited and co-authored the book  „Review of studies in the mathematical theory of inventory and production. By K. J. Arrow, S. Karlin, and H. Scarf, Stanford University Press, Stanford, 1958” which is still one of the most cited works of its field. It was the highlight of the series of studies on inventories and related areas which frequently called the “Stanford School” of inventory research. For an analysis of the background see the Girlich, H.J. and Chikan, A. paper.  For a review of the book, please click here >>>

His acceptance in 1982 of the role of President of the newly founded ISIR (endorsed by his former students, Michael C. Lovell and Harvey Wagner, who were founding members of our society) has enormously boosted the organization of ISIR, giving credibility and perspective. He had followed our activity with interest even after resigning from presidency and accepted the title „Honorary President”. His  last visit to Budapest was in 2013, when the attached picture was taken with….



Feb 06

13th ISIR Summer School

13th ISIR Summer School on Competitive Advantage through Resource Efficiency 

WU Vienna University of Economics and Business, Vienna, Austria

August 21-25, 2017


Deadline for abstract submission: April 30, 2017


The 13th ISIR Summer School is organised by the International Society for Inventory Research (ISIR) and WU Vienna University of Economics and Business and will take place at WU Vienna, Austria, from 21st to 25th August 2017 with the central theme “Competitive Advantage through Resource Efficiency”. The main theme of this summer school is to discuss how advanced inventory management can improve material and capacity efficiency. Inventory management of raw and recycled materials, semi-finished and finished goods affects resource efficiency and improves sustainability.  Models considering multiple supply sources may allow for mitigation of supply risk. Managing perishable products as in food supply chains can benefit strongly from advanced inventory models. Also, approaches leading to better forecasts contribute to material efficiency through inventory management. However, although the main theme of this summer school is on resource efficiency, we welcome any contribution which advances theoretical and applied inventory modelling and management.

As in previous years the goal is again to bring together Ph.D. students and professors with an interest in inventory management to discuss and improve their research on various aspects of inventory management from a conceptual, empirical, and modelling perspective. We welcome both theoretical research as well as research on applications in inventory management. Key topics for this summer school include but are not limited to:

  • Material recycling, reuse and remanufacturing
  • Reducing waste in food supply chains
  • Forecasting for inventory management
  • Inventory management affecting the triple bottom line
  • Supply chain design and inventory management
  • Technological and business interfaces to inventory management
  • Inventory management in service and non-profit organisations
  • Supply chain risks and inventory management



A detailed program of the summer school will be made available through the summer school’s web site Our aim is to organise a summer school with 30-40 participants, with a balanced mix of Ph.D. students and senior researchers.

For each presentation two participants, one Ph.D. student and one senior researcher, will act as discussants. In addition to the presentations of Ph.D. students, senior researchers will give talks and offer tutorials.

A site visit including a social programme will be organised on Wednesday. Further details about the company visits will be made available on the summer school’s web site.


Important Dates

30th April 2017    Deadline for submission of abstracts by Ph.D. students and deadline for application by senior researchers

15th May 2017     Notification of acceptance by the organisers

30th June 2017     Deadline for registration (with payment) for both Ph.D. students and senior researchers

30th June 2017     Deadline for submission of complete working papers by the Ph.D. students


Application and Registration

We invite Ph.D. students to apply to participate in the summer school by submitting an extended abstract of their research of about 400‐500 words until 30th April 2017. Ph.D. students will be notified about the acceptance of their paper before 15th May 2017. Each accepted Ph.D. student is supposed to submit a complete working paper no later than 30th June 2017. Please attach a confirmation about your PhD status from your supervisor at an accredited university with your application.

Senior researchers who would like to give a presentation or act as a discussant are asked to send a note before 30th April 2017. Senior researchers are encouraged to participate together with a Ph.D. student.

Both, Ph.D. students and senior researchers, are kindly asked to register before 30th June 2017. The registration fee for the summer school is € 200 and includes lunches, an excursion and the social program. A registration form will be available on our web page by that time.


Location and Venue

WU Vienna is the largest university focusing on business and economics in Europe and one of the largest universities in Austria. It has been continuously ranked as one of the best business schools in Europe and belongs to an elite club of few universities holding triple accreditation by EQUIS, AACSB, and AMBA. WU’s roughly 2,100 employees are working continuously to further improve teaching and research quality and campus life in all relevant areas. Excellent, research-led teaching is extremely important to WU. Through research and education, WU contributes to sustainable, future-oriented thinking, responsibility in business and economics, and the development of solutions to economic, social, and ecological problems. WU offers a broad range of English-taught programmes and emphasises internationalisation in its research activities.

Apart from its impressive, award-winning architecture, WU’s modern campus also boasts a range of attractive dining options and publicly accessible grounds that encourage students, staff, and area residents to explore Campus WU and enjoy its unique atmosphere.



There is a good choice of hotel rooms of various categories available in Vienna. Participants requiring accommodation are invited to book their own rooms. A list of suggested hotels will be made available on the website.

Dr. Johannes Fichtinger


Jan 03

ISIR session at the ASSA meetings, January 7, 2017

The International Society for Inventory Research will have a session at the ASSA meetings in Chicago. It will take place on Saturday, January 7, 2017, 8am-10am, at the Sheraton Grand Chicago, Jackson Park. The session was organized by Felipe Schwartzman of the Richmond Fed.

For more information (including abstracts of the papers), please go to

Aggregate Shocks and Investment Dynamics: A Granular View

Default Risk and Aggregate Fluctuations in an Economy with Production Heterogeneity
Aubhik Khan, Ohio State University
Julia K. Thomas, Ohio State University
Tatsuro Senga, Ohio State University

The Role of Firm Heterogeneity and Financial Frictions in Monetary Transmission
Thomas Winberry, University of Chicago
Pablo Ottonello, University of Michigan
Short-Term Shocks and Long-Term Investment
Stephen J. Terry, Boston University
Itay Saporta-Eksten, Tel Aviv University

Globalization Boom and Bust: A Study of United States Automobile Exports from 1913 to 1940
Mario Crucini, Vanderbilt University
Dong Cheng, Vanderbilt University
Hyunseung Oh, Vanderbilt University
Hakan Yilmazkuday, Vanderbilt University

Juliana Salomao, University of Minnesota
Felipe Schwartzman, Federal Reserve Bank of Richmond
Robert Chirinko, University of Illinois-Chicago
Zhu Wang, Federal Reserve Bank of Richmond

James Kahn
Economics Section Head
International Society for Inventory Research

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