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Single-period inventory model with discrete stochastic demand based on prospect theory
1. | Department of Automation, Tsinghua University, Beijing 100084, China, China, China |
References:
[1] |
V. Agrawal and S. Seshadri, Impact of uncertainty and risk aversion on price and order quantity in the newsvendor problem, Manufacturing & Service Operations Management, 2 (2000), 410-423. |
[2] |
M. Allais, Le comportement de l'homme rationnel devant le risque: Critique des postulats et axiomes de l'ecole americaine, Econometrica, 21 (1953), 503-546.
doi: 10.2307/1907921. |
[3] |
N. Barberis and M. Huang, Mental accounting, loss aversion, and individual stock returns, Journal of Finance, 56 (2001), 1247-1292.
doi: 10.1111/0022-1082.00367. |
[4] |
A. O. Brown and C. S. Tang, The impact of alternative performance measures on single-period inventory policy, Journal of Industrial and Management Optimization, 2 (2006), 297-318. |
[5] |
L. Eeckhoudt, C. Gollier and H. Schlesinger, The risk-averse (and prudent) newsboy, Management Science, 41 (1995), 786-794.
doi: 10.1287/mnsc.41.5.786. |
[6] |
M. Fisher and A. Raman, Reducing the cost of demand uncertainty through accurate response to early sales, Operations Research, 44 (1996), 87-99.
doi: 10.1287/opre.44.1.87. |
[7] |
W. Geng, X. Zhao and D. Gao, A single-period inventory system with a general s-shaped utility and exponential demand, Journal of Systems Science and Systems Engineering, 19 (2010), 227-236.
doi: 10.1007/s11518-010-5128-8. |
[8] |
J. A. Kahn, Why is production more volatile than sales? Theory and evidence on the stockout-avoidance motive for inventory holding, Quarterly Journal of Economics, 107 (1992), 481-510.
doi: 10.2307/2118479. |
[9] |
D. Kahneman and A. Tversky, Prospect theory: An analysis of decision under risk, Econometrica, 47 (1979), 263-291.
doi: 10.2307/1914185. |
[10] |
B. Keren and J. S. Pliskin, A benchmark solution for the risk-averse newsvendor problem, European Journal of Operational Research, 174 (2006), 1643-1650.
doi: 10.1016/j.ejor.2005.03.047. |
[11] |
M. Khouja, The single-period (news-vendor) problem: Literature review and suggestions for future research, Omega-International Journal of Management Science, 27 (1999), 537-553.
doi: 10.1016/S0305-0483(99)00017-1. |
[12] |
H. Lau and A. H. Lau, The newsstand problem: A capacitated multiple-product single-period inventory problem, European Journal of Operational Research, 94 (1996), 29-42.
doi: 10.1016/0377-2217(95)00192-1. |
[13] |
S. A. Lippman and K. F. McCardle, The competitive newsboy, Operations Research, 45 (1997), 54-65.
doi: 10.1287/opre.45.1.54. |
[14] |
Y. Liu, M. Peng and L. Li, A prospect theory-based order model under stochastic demand, Chinese Control and Decision Conference, (2009), 2539-2544. |
[15] |
N. C. Petruzzi and M. Dada, Pricing and the newsvendor problem: A review with extensions, Operations Research, 47 (1999), 183-194.
doi: 10.1287/opre.47.2.183. |
[16] |
M. E. Schweitzer and G. P. Cachon, Decision bias in the newsvendor problem with a known demand distribution: Experimental evidence, Management Science, 46 (2000), 404-420.
doi: 10.1287/mnsc.46.3.404.12070. |
[17] |
E. Stavrulaki, Inventory decisions for substitutable products with stock-dependent demand, International Journal of Production Economics, 129 (2011), 65-78.
doi: 10.1016/j.ijpe.2010.09.002. |
[18] |
A. Tversky and D. Kahneman, Advances in prospect theory: Cumulative representation of uncertainty, Journal of Risk and Uncertainty, 5 (1992), 297-323. |
[19] |
C. X. Wang, The loss-averse newsvendor game, International Journal of Production Economics, 124 (2010), 448-452.
doi: 10.1016/j.ijpe.2009.12.009. |
[20] |
C. X. Wang and S. Webster, The loss-averse newsvendor problem, Omega-International Journal of Management Science, 37 (2009), 93-105.
doi: 10.1016/j.omega.2006.10.003. |
[21] |
C. X. Wang, S. Webster and N. C. Suresh, Would a risk-averse newsvendor order less at a higher selling price?, European Journal of Operational Research, 196 (2009), 544-553.
doi: 10.1016/j.ejor.2008.04.002. |
[22] |
X. Zhao, W. Gen and X. Chao and D. Gao, A periodic review inventory system with s-shaped utility function, Working paper, 2009. Available from: http://ioe.engin.umich.edu/techrprt/pdf/TR09-04.pdf. |
show all references
References:
[1] |
V. Agrawal and S. Seshadri, Impact of uncertainty and risk aversion on price and order quantity in the newsvendor problem, Manufacturing & Service Operations Management, 2 (2000), 410-423. |
[2] |
M. Allais, Le comportement de l'homme rationnel devant le risque: Critique des postulats et axiomes de l'ecole americaine, Econometrica, 21 (1953), 503-546.
doi: 10.2307/1907921. |
[3] |
N. Barberis and M. Huang, Mental accounting, loss aversion, and individual stock returns, Journal of Finance, 56 (2001), 1247-1292.
doi: 10.1111/0022-1082.00367. |
[4] |
A. O. Brown and C. S. Tang, The impact of alternative performance measures on single-period inventory policy, Journal of Industrial and Management Optimization, 2 (2006), 297-318. |
[5] |
L. Eeckhoudt, C. Gollier and H. Schlesinger, The risk-averse (and prudent) newsboy, Management Science, 41 (1995), 786-794.
doi: 10.1287/mnsc.41.5.786. |
[6] |
M. Fisher and A. Raman, Reducing the cost of demand uncertainty through accurate response to early sales, Operations Research, 44 (1996), 87-99.
doi: 10.1287/opre.44.1.87. |
[7] |
W. Geng, X. Zhao and D. Gao, A single-period inventory system with a general s-shaped utility and exponential demand, Journal of Systems Science and Systems Engineering, 19 (2010), 227-236.
doi: 10.1007/s11518-010-5128-8. |
[8] |
J. A. Kahn, Why is production more volatile than sales? Theory and evidence on the stockout-avoidance motive for inventory holding, Quarterly Journal of Economics, 107 (1992), 481-510.
doi: 10.2307/2118479. |
[9] |
D. Kahneman and A. Tversky, Prospect theory: An analysis of decision under risk, Econometrica, 47 (1979), 263-291.
doi: 10.2307/1914185. |
[10] |
B. Keren and J. S. Pliskin, A benchmark solution for the risk-averse newsvendor problem, European Journal of Operational Research, 174 (2006), 1643-1650.
doi: 10.1016/j.ejor.2005.03.047. |
[11] |
M. Khouja, The single-period (news-vendor) problem: Literature review and suggestions for future research, Omega-International Journal of Management Science, 27 (1999), 537-553.
doi: 10.1016/S0305-0483(99)00017-1. |
[12] |
H. Lau and A. H. Lau, The newsstand problem: A capacitated multiple-product single-period inventory problem, European Journal of Operational Research, 94 (1996), 29-42.
doi: 10.1016/0377-2217(95)00192-1. |
[13] |
S. A. Lippman and K. F. McCardle, The competitive newsboy, Operations Research, 45 (1997), 54-65.
doi: 10.1287/opre.45.1.54. |
[14] |
Y. Liu, M. Peng and L. Li, A prospect theory-based order model under stochastic demand, Chinese Control and Decision Conference, (2009), 2539-2544. |
[15] |
N. C. Petruzzi and M. Dada, Pricing and the newsvendor problem: A review with extensions, Operations Research, 47 (1999), 183-194.
doi: 10.1287/opre.47.2.183. |
[16] |
M. E. Schweitzer and G. P. Cachon, Decision bias in the newsvendor problem with a known demand distribution: Experimental evidence, Management Science, 46 (2000), 404-420.
doi: 10.1287/mnsc.46.3.404.12070. |
[17] |
E. Stavrulaki, Inventory decisions for substitutable products with stock-dependent demand, International Journal of Production Economics, 129 (2011), 65-78.
doi: 10.1016/j.ijpe.2010.09.002. |
[18] |
A. Tversky and D. Kahneman, Advances in prospect theory: Cumulative representation of uncertainty, Journal of Risk and Uncertainty, 5 (1992), 297-323. |
[19] |
C. X. Wang, The loss-averse newsvendor game, International Journal of Production Economics, 124 (2010), 448-452.
doi: 10.1016/j.ijpe.2009.12.009. |
[20] |
C. X. Wang and S. Webster, The loss-averse newsvendor problem, Omega-International Journal of Management Science, 37 (2009), 93-105.
doi: 10.1016/j.omega.2006.10.003. |
[21] |
C. X. Wang, S. Webster and N. C. Suresh, Would a risk-averse newsvendor order less at a higher selling price?, European Journal of Operational Research, 196 (2009), 544-553.
doi: 10.1016/j.ejor.2008.04.002. |
[22] |
X. Zhao, W. Gen and X. Chao and D. Gao, A periodic review inventory system with s-shaped utility function, Working paper, 2009. Available from: http://ioe.engin.umich.edu/techrprt/pdf/TR09-04.pdf. |
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