Statistical testing of bounded rationality with applications to the newsvendor model
| Autor: | Jostein Lillestøl, Leif Kristoffer Sandal, Jan Ubøe, Kurt Jörnsten, Jonas Andersson |
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| Rok vydání: | 2017 |
| Předmět: |
Mathematical optimization
Information Systems and Management General Computer Science Cost efficiency 05 social sciences Probabilistic logic Management Science and Operations Research Experimental economics Newsvendor model Cognitive Hierarchy Theory Behavioral or Industrial and Manufacturing Engineering Bounded rationality Modeling and Simulation 0502 economics and business Economics 050207 economics Mathematical economics 050205 econometrics Statistical hypothesis testing |
| Zdroj: | European Journal of Operational Research. 259:251-261 |
| ISSN: | 0377-2217 |
| DOI: | 10.1016/j.ejor.2016.10.007 |
| Popis: | In this paper we define bounded rationality in terms of probabilistic cost efficiency. This establishes a framework where bounded rationality can be examined rigorously by statistical methods. We apply this theory to data from laboratory experiments on the newsvendor model. We enter into a theoretical discussion of the classical pull-to-center effect and explain why underorders are typically larger than overorders. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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