Universität zu Köln

Zhao, Yingshuai, Zhao, Xiaobo and Shen, Zuo-Jun Max (2016). On learning process of a newsvendor with censored demand information. J. Oper. Res. Soc., 67 (9). S. 1200 - 1212. BASINGSTOKE: PALGRAVE MACMILLAN LTD. ISSN 1476-9360

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Abstract

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.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Zhao, Yingshuai UNSPECIFIED UNSPECIFIED UNSPECIFIED Zhao, Xiaobo UNSPECIFIED UNSPECIFIED UNSPECIFIED Shen, Zuo-Jun Max UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-263905
DOI:	10.1057/jors.2016.18
Journal or Publication Title:	J. Oper. Res. Soc.
Volume:	67
Number:	9
Page Range:	S. 1200 - 1212
Date:	2016
Publisher:	PALGRAVE MACMILLAN LTD
Place of Publication:	BASINGSTOKE
ISSN:	1476-9360
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language UNOBSERVED LOST SALES; INVENTORY CONTROL; DECISION-MAKING; MANAGEMENT; FEEDBACK; BEHAVIOR; HEURISTICS; EXPERIENCE; LOGISTICS; MODELS Multiple languages Management; Operations Research & Management Science Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/26390