Multiperiod Inventory Management with Budget Cycles: Rational and Behavioral Decision-Making
| Autor: | Margarita Protopappa-Sieke, Michael Becker-Peth, Kai Hoberg |
|---|---|
| Přispěvatelé: | Department of Technology and Operations Management |
| Jazyk: | angličtina |
| Rok vydání: | 2019 |
| Předmět: |
Operations research
Process (engineering) Computer science 05 social sciences Control (management) Management Science and Operations Research Newsvendor model Industrial and Manufacturing Engineering Inventory management Management of Technology and Innovation 0502 economics and business Behavioral decision making 050211 marketing 050203 business & management |
| Zdroj: | Production and Operations Management, 29(3), 643-663. Wiley-Blackwell |
| ISSN: | 1937-5956 1059-1478 |
| DOI: | 10.1111/poms.13123 |
| Popis: | textabstractWe examine inventory decisions in a multiperiod newsvendor model. In particular, we analyze the impact of budget cycles in a behavioral setting. We derive optimal rational decisions and characterize the behavioral decision-making process using a short-sightedness factor. We test the aforementioned effect in a laboratory environment. We find that subjects reduce order-up-to levels significantly at the end of the current budget cycle, which results in a cyclic pattern during the budget cycle. This indicates that the subjects are short-sighted with respect to future budget cycles. To control for inventory that is carried over from one period to the next, we introduce a starting-inventory factor and find that order-up-to levels increase in the starting inventory. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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