Universität zu Köln

Becker-Peth, Michael ORCID: 0000-0002-4496-7702, Hoberg, Kai and Protopappa-Sieke, Margarita (2020). Multiperiod Inventory Management with Budget Cycles: Rational and Behavioral Decision-Making. Prod. Oper. Manag., 29 (3). S. 643 - 664. HOBOKEN: WILEY. ISSN 1937-5956

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Abstract

We 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.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Becker-Peth, Michael UNSPECIFIED orcid.org/0000-0002-4496-7702 UNSPECIFIED Hoberg, Kai UNSPECIFIED UNSPECIFIED UNSPECIFIED Protopappa-Sieke, Margarita UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-127423
DOI:	10.1111/poms.13123
Journal or Publication Title:	Prod. Oper. Manag.
Volume:	29
Number:	3
Page Range:	S. 643 - 664
Date:	2020
Publisher:	WILEY
Place of Publication:	HOBOKEN
ISSN:	1937-5956
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language LOSS AVERSION; NEWSVENDOR PROBLEM; RISK; TRANSSHIPMENT; FORECASTS; EARNINGS; CHOICE; IMPACT; MODEL; BIAS Multiple languages Engineering, Manufacturing; Operations Research & Management Science Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/12742