Joint pricing and stocking decisions for a newsvendor problem with loss aversion and reference point effect

被引:15
|
作者
Qiu, Ruozhen [1 ]
Yu, Yue [1 ]
Sun, Minghe [2 ]
机构
[1] Northeastern Univ, Sch Business Adm, 195 Chuangxin Rd, Shenyang 110169, Peoples R China
[2] Univ Texas San Antonio, Dept Management Sci & Stat, San Antonio, TX USA
基金
中国国家自然科学基金;
关键词
SETTING NEWSVENDOR; SUPPLY CHAIN; PROSPECT-THEORY; RISK-AVERSE; PROCUREMENT; DEMAND; BIAS; CONTRACT;
D O I
10.1002/mde.3233
中图分类号
F [经济];
学科分类号
02 ;
摘要
This study investigates the joint pricing and stocking decisions for a loss-averse retailer with reference point effect under stochastic demand. By solving an expected utility maximization model developed based on the prospect theory, the optimal pricing and stocking decisions are derived and compared with those of the classical newsvendor. The results show that the optimal decisions significantly depend on the loss aversion coefficient, optimism level, and reference effect strength. Smaller loss aversion coefficient and lower optimism level lead to higher expected utilities. In particular, a loss-averse retailer with a smaller loss aversion coefficient benefits from a higher reference effect strength and vice versa.
引用
收藏
页码:275 / 288
页数:14
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