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A Note on“Prospect Theory and the newsvendor problem”

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Journal of the Operations Research Society of China 2015年第1期3卷 89-94页

作者： Xiao-Bo Zhao Wei Geng Department of Industrial Engineering Tsinghua UniversityBeijing 100084China School of Economics and Management Southwest Jiaotong UniversityChengdu 610031China

Based on the newsvendor setting,many behavioral models are proposed to predict the biases of decision makers in inventory management.Recently,Nagarajan and Shechter(Manag Sci 60:1057–1062,2014)claimed that prospect theory cannot explain the consistent empirical findings.However,it is noticed that their model is a special case of the general prospect theorymodel.In this note,we showthat the general prospect theory model may be powerful in predicting the preferences of decision makers in inventory management.

关键词： newsvendor problem Prospect theory Reference point

Prospect Theory and the newsvendor problem with Mental Accounting

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Journal of Systems Science and Systems Engineering 2020年第5期29卷 525-536页

作者： Bojun Gu Xiang Zhang School of Economics and Management Zhejiang Ocean UniversityZhoushan 316022China School of Management and Economics Beijing Institute of TechnologyBeijing 100081China Sustainable Development Research Institute for Economy and Society of Beijing Beijing 100081China

The manner in which economic outcomes are coded in a value function is critical because it has substantial influence on the evaluation of risky choices.In this paper,we formulate multiple mental accounts in a nonlinear value function and propose a newsvendor problem with mental accounting to predict and explain pull-to-center phenomenon.We show that the distinctive predictions of the proposed model come from the value function with mental accounting.We identify the individual and combined effects of loss aversion,risk aversion,and risk seeking on shaping newsvendor ordering behavior.Our work demonstrates that prospect theory can explain the decision bias and ordering behavior observed in newsvendor experiments.We also provide some additional insights to explain the studies in the literature.

关键词： Prospect theory mental accounting newsvendor problem decision bias pull-to-center phenomenon

Downside Risk-Aversion Analysis for a Single-Stage newsvendor problem

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Wuhan University Journal of Natural Sciences 2007年第2期12卷 198-202页

作者： YANG Lei GAO Chengxiu CHEN Kebing LI Jianbin School of Mathematics and Statistics Wuhan UniversityWuhan 430072Hubei China

We extend the classical newsvendor problem by introducing a downside risk constraint from the perspective of inventory control. At the beginning of a replenishment period the newsvendor will place an order, then he will review the inventory level at the end of the period. If the inventory level is positive then he will bear the holding cost and if the inventory level is negative then he will bear the backorder cost. The optimal order quantity has a simple form. We analyze the form of the optimal order quantity when we restrict that the probability that the cost level is larger than or equal to a fixed cost constant is less than a fixed value of probability. At last, we analyze the case that the fixed cost constant is equal to the expected cost.

关键词： supply chain newsvendor problem inventory management risk

The solution of newsvendor problem based on Value -at-Risk 25th

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The solution of newsvendor Problem based on Value -at-Risk

The newsvendor problem with Retail Competition

第25届中国控制与决策会议

作者： Ping Wen lingliQin Department of Mathmatics Xinjiang university of Finance and Economics Department of Mathmatics ChangZhou Institute of Technology

ISBN: (纸本)9781467355339

This paper seeks to describe and explain managers’ newsvendor decisions. These decisions may systematically deviate from profit maximization for several reasons. First, a decision maker may have preferences other than profit maximization. For example, a risk-averse decision maker will systematically order less than the profit maximizing order quantity. Second, a decision maker may apply a heuristic to choose an inventory degree. Under the three new decision making rules , this paper discusses the newsvendor problem and obtains the solution of newsvendor problem for loss averse newsvendor. Finally, comparative static effects of changes in the various price and cost are determined and related to the newsvendor’s loss aversion.

关键词： loss aversion newsvendor problem decision making Value -at-Risk

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The Newsvendor Problem with Retail Competition

The Loss-Averse newsvendor problem with Random Supply Capacity and Reference Point

第24届中国控制与决策会议

作者： Yushuang Liu, Pengfei Yan the School of Mathematics and Physics, Qingdao University of Science and Technology, Qingdao 266061 Jihui Zhang the Institute of Complexity Science, Qingdao University, Qingdao 266061

This paper considers the newsvendor problem with two competing retailers who face price-sensitive and uncertain demand. There are two questions: （1） how to model the price-dependent stochastic demand and retail competition and （2） how to derive the combined pricing and inventory solutions. In order to answer above problems, we adopt multiplicative demand function and model the expected demand as an exponential function of both retailers’ prices, then it is concluded that each retailer’s best response price is unique and independent of the competitor’s price decision, and each retailer’s best response stocking factor is uniquely determined when the demand distribution satisfying the IFR property.

关键词： Retail competition Price-dependent demand newsvendor problem

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The Loss-Averse Newsvendor Problem with Random Supply Capaci...

COORDINATING PRICING, ORDERING AND ADVERTISING FOR PERISHABLE PRODUCTS OVER AN INFINITE HORIZON

第40届中国控制会议

作者： Wei Liu Han Zhao Shiji Song Huachang Wang Department of Basic Science Wuhan Donghu University Department of Finance and Audit Army Logistics University Department of Automation Tsinghua University Department of Basic Science Army Logistics University

This paper studies a newsvendor problem with random supply capacity, where the retailer is loss-averse and chooses the target unit profit as his reference point. The retailer’s optimal order quantity is firstly obtained and is independent of supply capacity. Then we make a complete sensitivity analysis. It is shown that the optimal order quantity is decreasing in loss aversion level and reference point. We also find there exists a negative threshold of reference point, below which the effect of negative reference point will dominate that of loss aversion and then the loss-averse retailer will order more than the risk-neutral one.Moreover, the optimal order quantity is decreasing in wholesale price, while increasing in selling price and salvage value.

关键词： newsvendor problem Loss Aversion Supply Capacity Reference Point

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Journal of Systems Science and Systems Engineering 2018年第1期27卷 106-129页

作者： Ye Lu Minghui Xu Yimin Yu School of Economics and Management Wuhan University Wuhan China

Numerous empirical studies show that advertising effort can stimulate demand in both current and future periods, and there is an interaction between pricing, advertising and ordering decisions. How do these decisions interact with each other and what is the effect of advertising on pricing and ordering decisions？ To understand this interaction, we consider a newsvendor-type firm that sells a perishable product in a stable market and dynamically determines the joint ordering, pricing and advertising strategies. The problem is modeled as an infmite horizon newsvendor problem with an advertising carryover effect and price-sensitive demand. We characterize the optimal pricing, advertising and inventory strategies and their comparative statics, and consider how this policy differs from the traditional approach without the advertising effect. We show that the optimal effective advertising level is monotonically increasing with the effective advertising level in the previous period, and hence the optimal strategies （advertising, pricing, inventory level） globally converge to the steady states in the long run. We numerically show that the optimal policy can reap significant profit, which underscores the importance of the advertising-driven ordering and pricing strategies.

关键词： Pricing newsvendor problem advertising carryover effect perishable product

Experimental Study of Methods of Scenario Lattice Construction for Stochastic Dual Dynamic Programming

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Open Journal of Optimization 2021年第2期10卷 47-60页

作者： Dmitry Golembiovsky Anton Pavlov Smetanin Daniil Moscow State University Moscow Russia New Economic School Moscow Russia

The stochastic dual dynamic programming (SDDP) algorithm is becoming increasingly used. In this paper we present analysis of different methods of lattice construction for SDDP exemplifying a realistic variant of the newsvendor problem, incorporating storage of production. We model several days of work and compare the profits realized using different methods of the lattice construction and the corresponding computer time spent in lattice construction. Our case differs from the known one because we consider not only a multidimensional but also a multistage case with stage dependence. We construct scenario lattice for different Markov processes which play a crucial role in stochastic modeling. The novelty of our work is comparing different methods of scenario lattice construction. We considered a realistic variant of the newsvendor problem. The results presented in this article show that the Voronoi method slightly outperforms others, but the k-means method is much faster overall.

关键词： Stochastic Dual Dynamic Programming newsvendor problem Markov Process

供应提前期和需求不确定下库存系统的随机比较

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