The Loss-Averse Newsvendor Problem with Random Yield and Reference Dependence

被引:7
|
作者
Liu, Wei [1 ]
Song, Shiji [2 ]
Qiao, Ying [3 ]
Zhao, Han [4 ]
Wang, Huachang [4 ]
机构
[1] Wuhan Donghu Univ, Dept Basic Sci, Wuhan 430212, Peoples R China
[2] Tsinghua Univ, Dept Automat, Beijing 100084, Peoples R China
[3] Wuhan Business Univ, Financial Dept, Wuhan 430056, Peoples R China
[4] Army Logist Univ, Dept Basic Sci, Chongqing 401311, Peoples R China
关键词
newsvendor problem; random yield; loss aversion; reference dependence; PRODUCTION MODELS; PROSPECT-THEORY; DECISION; IMPACT;
D O I
10.3390/math8081231
中图分类号
O1 [数学];
学科分类号
0701 ; 070101 ;
摘要
This paper studies a loss-averse newsvendor problem with reference dependence, where both demand and yield rate are stochastic. We obtain the loss-averse newsvendor's optimal ordering policy and analyze the effects of loss aversion, reference dependence, random demand and yield on it. It is shown that the loss-averse newsvendor's optimal order quantity and expected utility decreases in loss aversion level and reference point. Then, that this order quantity may be larger than the risk-neutral one's if the reference point is less than a negative threshold. In addition, although the effect of random yield leads to an increase in the order quantity, the loss-averse newsvendor may order more than, equal to or less than the classical one, which significantly depends on loss aversion level and reference point. Numerical experiments were conducted to demonstrate our theoretical results.
引用
收藏
页数:15
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