Arbeitspapier
The Expectation-Based Loss-Averse Newsvendor
We modify the classic single-period inventory management problem by assuming that the newsvendor is expectation-based loss averse according to Koszegi and Rabin (2006, 2007). Expectation-based loss aversion leads to an endogenous psychological cost of leftovers as well as stockouts. If there are no monetary stockout costs, then the loss-averse newsvendor orders a quantity lower than the quantity ordered by a profit-maximizing newsvendor. If there are positive monetary costs associated with stockouts, then the loss-averse newsvendor places suboptimal orders, which can be either too high or too low.
- Sprache
-
Englisch
- Erschienen in
-
Series: Munich Discussion Paper ; No. 2012-23
- Klassifikation
-
Wirtschaft
- Thema
-
behavioral operations management
inventory decision
loss aversion
newsvendor
Lagerhaltungsmodell
Risikoaversion
Erwartungstheorie
Verhaltensökonomik
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Herweg, Fabian
- Ereignis
-
Veröffentlichung
- (wer)
-
Ludwig-Maximilians-Universität München, Volkswirtschaftliche Fakultät
- (wo)
-
München
- (wann)
-
2012
- DOI
-
doi:10.5282/ubm/epub.14065
- Handle
- URN
-
urn:nbn:de:bvb:19-epub-14065-5
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Herweg, Fabian
- Ludwig-Maximilians-Universität München, Volkswirtschaftliche Fakultät
Entstanden
- 2012
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