On learning process of a newsvendor with censored demand information
| Autor: | Yingshuai Zhao, Zuo-Jun Max Shen, Xiaobo Zhao |
|---|---|
| Rok vydání: | 2016 |
| Předmět: |
Marketing
021103 operations research Operations research Process (engineering) Strategy and Management 05 social sciences 0211 other engineering and technologies Anchoring Significant learning 02 engineering and technology Management Science and Operations Research Newsvendor model Management Information Systems Inventory level 0502 economics and business Economics 050203 business & management |
| Zdroj: | Journal of the Operational Research Society. 67:1200-1211 |
| ISSN: | 1476-9360 0160-5682 |
| Popis: | A behavioural study on the newsvendor problem without demand distribution knowledge or realized demands is conducted. We configure a censored-information scenario, where only sales data in history are provided. With laboratory experiments, we analyse participants ordering levels and ordering oscillations over time. It is observed that participants perform a significant learning process in the censored-information scenario. Moreover, we find that participants make orders by anchoring on the previous-period sales and adjusting to an adapted inventory level. On the basis of the observations, we propose an exponential-type learning (EXP) model to describe the behaviour of decision makers. Comparing with a chasing model that is popularly used in the full-information scenario, the EXP model is more recommended in the censored-information scenario. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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