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Management science: a Journal of the institute for operations research and the management sciences |
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Ajouter le résultat dans votre panierSocial contagion and information technology diffusion / Corey M. Angst in Management science, Vol. 56 N° 8 (Août 2010)
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1219-1241
Titre : Social contagion and information technology diffusion : The adoption of electronic medical records in U.S. hospitals Type de document : texte imprimé Auteurs : Corey M. Angst, Auteur ; Ritu Agarwal, Auteur ; V. Sambamurthy, Auteur Année de publication : 2010 Article en page(s) : pp. 1219-1241 Note générale : Management Langues : Anglais (eng) Mots-clés : Electronic medical record Diffusion Social contagion Propensity Susceptibility Infectiousness Spatial and social proximity Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We use a social contagion lens to study the dynamic, temporal process of the diffusion of electronic medical records in the population of U.S. hospitals. Social contagion acknowledges the mutual influence among organizations within an institutional field and implicates information transmission through direct contact and observation as the mechanisms underlying influence transfer. We propose hypotheses predicting a hospital's likelihood of adopting electronic medical records as a function of its susceptibility to the influence of prior adopters, the infectiousness or potency of influence exerted by adopting hospitals, and its social and spatial proximity to prior adopters. Results obtained by fitting a heterogeneous diffusion model to data from a sample drawn from an annual survey, spanning 1975 to 2005, of almost 4,000 U.S. hospitals suggest that diffusion can be accelerated if specific attention is given to increasing social contagion effects. In particular, with respect to susceptibility to influence, greater hospital size and age are positively related to the likelihood of adoption for nonadopters, whereas younger hospitals are associated with greater infectiousness for adopters. A hospital's “celebrity” status also contributes to its infectiousness. We further find strong effects for social proximity and significant regional effects for spatial proximity and hospital size, suggesting that geographical covariates should be included in diffusion studies. Results also reinforce the importance of theorizing about and including interactions in examinations of social contagion. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc [article] Social contagion and information technology diffusion : The adoption of electronic medical records in U.S. hospitals [texte imprimé] / Corey M. Angst, Auteur ; Ritu Agarwal, Auteur ; V. Sambamurthy, Auteur . - 2010 . - pp. 1219-1241.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1219-1241
Mots-clés : Electronic medical record Diffusion Social contagion Propensity Susceptibility Infectiousness Spatial and social proximity Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We use a social contagion lens to study the dynamic, temporal process of the diffusion of electronic medical records in the population of U.S. hospitals. Social contagion acknowledges the mutual influence among organizations within an institutional field and implicates information transmission through direct contact and observation as the mechanisms underlying influence transfer. We propose hypotheses predicting a hospital's likelihood of adopting electronic medical records as a function of its susceptibility to the influence of prior adopters, the infectiousness or potency of influence exerted by adopting hospitals, and its social and spatial proximity to prior adopters. Results obtained by fitting a heterogeneous diffusion model to data from a sample drawn from an annual survey, spanning 1975 to 2005, of almost 4,000 U.S. hospitals suggest that diffusion can be accelerated if specific attention is given to increasing social contagion effects. In particular, with respect to susceptibility to influence, greater hospital size and age are positively related to the likelihood of adoption for nonadopters, whereas younger hospitals are associated with greater infectiousness for adopters. A hospital's “celebrity” status also contributes to its infectiousness. We further find strong effects for social proximity and significant regional effects for spatial proximity and hospital size, suggesting that geographical covariates should be included in diffusion studies. Results also reinforce the importance of theorizing about and including interactions in examinations of social contagion. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1242-1258
Titre : Lean and hungry or fat and content? entrepreneurs' wealth and start-up performance Type de document : texte imprimé Auteurs : Hans K. Hvide, Auteur ; Jarle Møen, Auteur Année de publication : 2010 Article en page(s) : pp. 1242-1258 Note générale : Management Langues : Anglais (eng) Mots-clés : Entrepreneurial motivation Entrepreneurship Financial constraints Liquidity Organizational slack Start-ups Survival Profitability Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : If entrepreneurs are liquidity constrained and not able to borrow to operate on an efficient scale, economic theory predicts that entrepreneurs with more personal wealth should do better than those with less wealth. We test this hypothesis using a novel data set covering a large panel of start-ups from Norway. Consistent with liquidity constraints, we find a positive relation between founder prior wealth and start-up size. The relationship between prior wealth and start-up performance, as measured by profitability on assets, increases in the first three wealth quartiles. In the top wealth quartile, however, profitability drops sharply in wealth. Our findings are consistent with a luxury good interpretation of entrepreneurship and that higher wealth may induce a less alert or a less dedicated management. We conclude that an abundance of resources might do more harm than good for start-ups. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc [article] Lean and hungry or fat and content? entrepreneurs' wealth and start-up performance [texte imprimé] / Hans K. Hvide, Auteur ; Jarle Møen, Auteur . - 2010 . - pp. 1242-1258.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1242-1258
Mots-clés : Entrepreneurial motivation Entrepreneurship Financial constraints Liquidity Organizational slack Start-ups Survival Profitability Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : If entrepreneurs are liquidity constrained and not able to borrow to operate on an efficient scale, economic theory predicts that entrepreneurs with more personal wealth should do better than those with less wealth. We test this hypothesis using a novel data set covering a large panel of start-ups from Norway. Consistent with liquidity constraints, we find a positive relation between founder prior wealth and start-up size. The relationship between prior wealth and start-up performance, as measured by profitability on assets, increases in the first three wealth quartiles. In the top wealth quartile, however, profitability drops sharply in wealth. Our findings are consistent with a luxury good interpretation of entrepreneurship and that higher wealth may induce a less alert or a less dedicated management. We conclude that an abundance of resources might do more harm than good for start-ups. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1259-1271
Titre : Strategic entry before demand takes off Type de document : texte imprimé Auteurs : Qiaowei Shen, Auteur ; J. Miguel Villas-Boas, Auteur Année de publication : 2010 Article en page(s) : pp. 1259-1271 Note générale : Management Langues : Anglais (eng) Mots-clés : Industry dynamics Strategic entry Competition Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : In developing industries, firms have to decide whether and when to enter the market depending on the state of demand, existing firms in the industry, and the firm's capabilities. This paper investigates a model of increasing demand, in which firms decide when to enter the market anticipating the strategic behavior of other potential entrants, and the effects of entry on future potential entrants. This paper shows that the ability of early entry to deter future competitors' entry leads firms to enter the market at a rate faster than demand is expanding. If there is the potential for many firms to enter the market, firms may be less likely to enter because of future competitor entry to correct any market opportunities. If firms enter the market depending on their fixed capabilities rather than depending on the firm's circumstances at each moment in time, firms end up entering the market at a faster rate in the early periods. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc [article] Strategic entry before demand takes off [texte imprimé] / Qiaowei Shen, Auteur ; J. Miguel Villas-Boas, Auteur . - 2010 . - pp. 1259-1271.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1259-1271
Mots-clés : Industry dynamics Strategic entry Competition Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : In developing industries, firms have to decide whether and when to enter the market depending on the state of demand, existing firms in the industry, and the firm's capabilities. This paper investigates a model of increasing demand, in which firms decide when to enter the market anticipating the strategic behavior of other potential entrants, and the effects of entry on future potential entrants. This paper shows that the ability of early entry to deter future competitors' entry leads firms to enter the market at a rate faster than demand is expanding. If there is the potential for many firms to enter the market, firms may be less likely to enter because of future competitor entry to correct any market opportunities. If firms enter the market depending on their fixed capabilities rather than depending on the firm's circumstances at each moment in time, firms end up entering the market at a faster rate in the early periods. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1272-1284
Titre : Optimal choice and beliefs with ex ante savoring and ex post disappointment Type de document : texte imprimé Auteurs : Christian Gollier, Auteur ; Alexander Muermann, Auteur Année de publication : 2010 Article en page(s) : pp. 1272-1284 Note générale : Management Langues : Anglais (eng) Mots-clés : Endogenous beliefs Anticipatory feeling Disappointment Optimism Decision under risk Portfolio allocation Insurance demand Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We propose a new decision criterion under risk in which individuals extract both utility from anticipatory feelings ex ante and disutility from disappointment ex post. The decision maker chooses his degree of optimism, given that more optimism raises both the utility of ex ante feelings and the risk of disappointment ex post. We characterize the optimal beliefs and the preferences under risk generated by this mental process and apply this criterion to a simple portfolio choice/insurance problem. We show that these preferences are compatible with first-degree and second-degree stochastic dominance and yield a preference for early resolution of uncertainty. Furthermore, they are consistent with observed violations of the independence axiom, such as the preference reversal in the Allais paradox, and predict that the decision maker takes on less risk compared to an expected utility maximizer. Our decision criterion can thus help explain the equity premium puzzle and the preference for low deductibles in insurance contracts. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc [article] Optimal choice and beliefs with ex ante savoring and ex post disappointment [texte imprimé] / Christian Gollier, Auteur ; Alexander Muermann, Auteur . - 2010 . - pp. 1272-1284.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1272-1284
Mots-clés : Endogenous beliefs Anticipatory feeling Disappointment Optimism Decision under risk Portfolio allocation Insurance demand Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We propose a new decision criterion under risk in which individuals extract both utility from anticipatory feelings ex ante and disutility from disappointment ex post. The decision maker chooses his degree of optimism, given that more optimism raises both the utility of ex ante feelings and the risk of disappointment ex post. We characterize the optimal beliefs and the preferences under risk generated by this mental process and apply this criterion to a simple portfolio choice/insurance problem. We show that these preferences are compatible with first-degree and second-degree stochastic dominance and yield a preference for early resolution of uncertainty. Furthermore, they are consistent with observed violations of the independence axiom, such as the preference reversal in the Allais paradox, and predict that the decision maker takes on less risk compared to an expected utility maximizer. Our decision criterion can thus help explain the equity premium puzzle and the preference for low deductibles in insurance contracts. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1285-1303
Titre : Optimal flexibility configurations in newsvendor networks : Going beyond chaining and pairing Type de document : texte imprimé Auteurs : Achal Bassamboo, Auteur ; Ramandeep S. Randhawa, Auteur ; Jan A. Van Mieghem, Auteur Année de publication : 2010 Article en page(s) : pp. 1285-1303 Note générale : Management Langues : Anglais (eng) Mots-clés : Inventory production Stochastic models Programming Linear Applications Queues Networks Flexibility Newsvendor networks Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We study the classical problem of capacity and flexible technology selection with a newsvendor network model of resource portfolio investment. The resources differ by their level of flexibility, where “level-k flexibility” refers to the ability to process k different product types. We present an exact set-theoretic methodology to analyze newsvendor networks with multiple products and parallel resources. This simple approach is sufficiently powerful to prove that (i) flexibility exhibits decreasing returns and (ii) the optimal portfolio will invest in at most two, adjacent levels of flexibility in symmetric systems, and to characterize (iii) the optimal flexibility configuration for asymmetric systems as well. The optimal flexibility configuration can serve as a theoretical performance benchmark for other configurations suggested in the literature. For example, although chaining is not optimal in our setting, the gap is small and the inclusion of scale economies quickly favors chaining over pairing. We also demonstrate how this methodology can be applied to other settings such as product substitution and queuing systems with parameter uncertainty. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc [article] Optimal flexibility configurations in newsvendor networks : Going beyond chaining and pairing [texte imprimé] / Achal Bassamboo, Auteur ; Ramandeep S. Randhawa, Auteur ; Jan A. Van Mieghem, Auteur . - 2010 . - pp. 1285-1303.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1285-1303
Mots-clés : Inventory production Stochastic models Programming Linear Applications Queues Networks Flexibility Newsvendor networks Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We study the classical problem of capacity and flexible technology selection with a newsvendor network model of resource portfolio investment. The resources differ by their level of flexibility, where “level-k flexibility” refers to the ability to process k different product types. We present an exact set-theoretic methodology to analyze newsvendor networks with multiple products and parallel resources. This simple approach is sufficiently powerful to prove that (i) flexibility exhibits decreasing returns and (ii) the optimal portfolio will invest in at most two, adjacent levels of flexibility in symmetric systems, and to characterize (iii) the optimal flexibility configuration for asymmetric systems as well. The optimal flexibility configuration can serve as a theoretical performance benchmark for other configurations suggested in the literature. For example, although chaining is not optimal in our setting, the gap is small and the inclusion of scale economies quickly favors chaining over pairing. We also demonstrate how this methodology can be applied to other settings such as product substitution and queuing systems with parameter uncertainty. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1304-1323
Titre : Model of migration and use of platforms : Role of hierarchy, current generation, and complementarities in consumer settings Type de document : texte imprimé Auteurs : Xin Xu, Auteur ; Viswanath Venkatesh, Auteur ; Kar Yan Tam, Auteur Année de publication : 2010 Article en page(s) : pp. 1304-1323 Note générale : Management Langues : Anglais (eng) Mots-clés : Technology hierarchy Technology complementarity Platform migration Service innovation Service management IT adoption and diffusion Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We develop and test a model of migration and use of platforms to explain consumers' reactions to the newest generation of an information and communication technology platform. We draw from information systems and consumer behavior research on adoption and use of technologies, and adapt and incorporate the construct of complementarity from macrolevel research on platform leadership, network effects, and innovation ecosystems. We conceptualize complementarities between the hardware and software platforms, software platform and applications, and applications and services. The complementarities are theorized to influence migration intention, with current generation of the consumer's platform being a key moderator. We empirically validated our model with data collected using two waves of surveys from 4,412 consumers (2,333 consumers in the second wave) before and after the introduction of the third generation (3G) mobile data services platform in Hong Kong. We explained 60% of the variance in migration intention that in turn was strongly correlated with migration to and use of 3G. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc [article] Model of migration and use of platforms : Role of hierarchy, current generation, and complementarities in consumer settings [texte imprimé] / Xin Xu, Auteur ; Viswanath Venkatesh, Auteur ; Kar Yan Tam, Auteur . - 2010 . - pp. 1304-1323.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1304-1323
Mots-clés : Technology hierarchy Technology complementarity Platform migration Service innovation Service management IT adoption and diffusion Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We develop and test a model of migration and use of platforms to explain consumers' reactions to the newest generation of an information and communication technology platform. We draw from information systems and consumer behavior research on adoption and use of technologies, and adapt and incorporate the construct of complementarity from macrolevel research on platform leadership, network effects, and innovation ecosystems. We conceptualize complementarities between the hardware and software platforms, software platform and applications, and applications and services. The complementarities are theorized to influence migration intention, with current generation of the consumer's platform being a key moderator. We empirically validated our model with data collected using two waves of surveys from 4,412 consumers (2,333 consumers in the second wave) before and after the introduction of the third generation (3G) mobile data services platform in Hong Kong. We explained 60% of the variance in migration intention that in turn was strongly correlated with migration to and use of 3G. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1324-1344
Titre : Incentives in new product development projects and the role of target costing Type de document : texte imprimé Auteurs : Jürgen Mihm, Auteur Année de publication : 2010 Article en page(s) : pp. 1324-1344 Note générale : Management Langues : Anglais (eng) Mots-clés : R&D management New product development Incentives Target costing Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper investigates how self-optimizing engineers affect new product development (NPD) project outcomes and development times. A variety of widely used NPD project management approaches, including heavyweight project management, may allow or even encourage engineers to introduce late design changes and exhibit weak cost compliance, reducing the product's profit or competitiveness. Providing specifically designed incentives for individuals can eliminate such encouragement, and thus improve cost compliance and project timeliness. This paper discusses several practical incentive schemes, including profit-sharing contracts and component-level target costing. For many industrial projects, component-level target costing makes the most efficient use of available information to optimize project outcomes and reduce development times. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc [article] Incentives in new product development projects and the role of target costing [texte imprimé] / Jürgen Mihm, Auteur . - 2010 . - pp. 1324-1344.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1324-1344
Mots-clés : R&D management New product development Incentives Target costing Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper investigates how self-optimizing engineers affect new product development (NPD) project outcomes and development times. A variety of widely used NPD project management approaches, including heavyweight project management, may allow or even encourage engineers to introduce late design changes and exhibit weak cost compliance, reducing the product's profit or competitiveness. Providing specifically designed incentives for individuals can eliminate such encouragement, and thus improve cost compliance and project timeliness. This paper discusses several practical incentive schemes, including profit-sharing contracts and component-level target costing. For many industrial projects, component-level target costing makes the most efficient use of available information to optimize project outcomes and reduce development times. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1345-1361
Titre : Joint dynamic pricing of multiple perishable products under consumer choice Type de document : texte imprimé Auteurs : Yalçın Akçay, Auteur ; Harihara Prasad Natarajan, Auteur ; Susan H. Xu, Auteur Année de publication : 2010 Article en page(s) : pp. 1345-1361 Note générale : Management Langues : Anglais (eng) Mots-clés : Dynamic pricing Revenue management Perishable products Consumer choice Vertical and horizontal product assortments Efficient algorithm Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : In response to competitive pressures, firms are increasingly adopting revenue management opportunities afforded by advances in information and communication technologies. Motivated by these revenue management initiatives in industry, we consider a dynamic pricing problem facing a firm that sells given initial inventories of multiple substitutable and perishable products over a finite selling horizon. Because the products are substitutable, individual product demands are linked through consumer choice processes. Hence, the seller must formulate a joint dynamic pricing strategy while explicitly incorporating consumer behavior. For an integrative model of consumer choice based on linear random consumer utilities, we model this multiproduct dynamic pricing problem as a stochastic dynamic program and analyze its optimal prices. The consumer choice model allows us to capture the linkage between product differentiation and consumer choice, and readily specializes to the cases of vertically and horizontally differentiated assortments. When products are vertically differentiated, our results show monotonicity properties (with respect to quality, inventory, and time) of the optimal prices and reveal that the optimal price of a product depends on higher quality product inventories only through their aggregate inventory rather than individual availabilities. Furthermore, we show that the price of a product can be decomposed into the price of its adjacent lower quality product and a markup over this price, with the markup depending solely on the aggregate inventory. We exploit these properties to develop a polynomial-time, exact algorithm for determining the optimal prices and the profit. For a horizontally differentiated assortment, we show that the profit function is unimodal in prices. We also show that individual, rather than aggregate, product inventory availability drives pricing. However, we find that monotonicity properties observed in vertically differentiated assortments do not hold. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc [article] Joint dynamic pricing of multiple perishable products under consumer choice [texte imprimé] / Yalçın Akçay, Auteur ; Harihara Prasad Natarajan, Auteur ; Susan H. Xu, Auteur . - 2010 . - pp. 1345-1361.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1345-1361
Mots-clés : Dynamic pricing Revenue management Perishable products Consumer choice Vertical and horizontal product assortments Efficient algorithm Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : In response to competitive pressures, firms are increasingly adopting revenue management opportunities afforded by advances in information and communication technologies. Motivated by these revenue management initiatives in industry, we consider a dynamic pricing problem facing a firm that sells given initial inventories of multiple substitutable and perishable products over a finite selling horizon. Because the products are substitutable, individual product demands are linked through consumer choice processes. Hence, the seller must formulate a joint dynamic pricing strategy while explicitly incorporating consumer behavior. For an integrative model of consumer choice based on linear random consumer utilities, we model this multiproduct dynamic pricing problem as a stochastic dynamic program and analyze its optimal prices. The consumer choice model allows us to capture the linkage between product differentiation and consumer choice, and readily specializes to the cases of vertically and horizontally differentiated assortments. When products are vertically differentiated, our results show monotonicity properties (with respect to quality, inventory, and time) of the optimal prices and reveal that the optimal price of a product depends on higher quality product inventories only through their aggregate inventory rather than individual availabilities. Furthermore, we show that the price of a product can be decomposed into the price of its adjacent lower quality product and a markup over this price, with the markup depending solely on the aggregate inventory. We exploit these properties to develop a polynomial-time, exact algorithm for determining the optimal prices and the profit. For a horizontally differentiated assortment, we show that the profit function is unimodal in prices. We also show that individual, rather than aggregate, product inventory availability drives pricing. However, we find that monotonicity properties observed in vertically differentiated assortments do not hold. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1362-1379
Titre : Optimal control and equilibrium behavior of production-inventory systems Type de document : texte imprimé Auteurs : Owen Q. Wu, Auteur ; Chen, Hong, Auteur Année de publication : 2010 Article en page(s) : pp. 1362-1379 Note générale : Management Langues : Anglais (eng) Mots-clés : Optimal control Production-inventory system Rational expectations equilibrium Petroleum industry Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : The relationship between commodity inventory and short-term price variations has received considerable attention, but the understanding has been limited to single-stage cross-sectional relation. In this paper, we aim to deepen our understanding of the inventory–price relationship in two dimensions: across time and across production stages. We first examine an individual firm controlling production and two stages of inventory under uncertain input and output prices and operating costs. We next establish and characterize the rational expectations equilibrium for an economy in which competitive production firms link a raw material market and a finished goods market, with uncertain and price-sensitive supply and demand. We characterize the dynamics of inventory, market price, and gross margin based on theoretical analysis, simulation, and empirical evidence from the petroleum industry. We find that inventory fluctuations lag behind price variations, and the length of the lags depend on how far the inventory is from the source of the supply or demand shocks. We also find that shocks are both dampened and delayed when propagating through the production stages, and that shocks have a prolonged effect on inventories and prices at both stages. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc [article] Optimal control and equilibrium behavior of production-inventory systems [texte imprimé] / Owen Q. Wu, Auteur ; Chen, Hong, Auteur . - 2010 . - pp. 1362-1379.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1362-1379
Mots-clés : Optimal control Production-inventory system Rational expectations equilibrium Petroleum industry Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : The relationship between commodity inventory and short-term price variations has received considerable attention, but the understanding has been limited to single-stage cross-sectional relation. In this paper, we aim to deepen our understanding of the inventory–price relationship in two dimensions: across time and across production stages. We first examine an individual firm controlling production and two stages of inventory under uncertain input and output prices and operating costs. We next establish and characterize the rational expectations equilibrium for an economy in which competitive production firms link a raw material market and a finished goods market, with uncertain and price-sensitive supply and demand. We characterize the dynamics of inventory, market price, and gross margin based on theoretical analysis, simulation, and empirical evidence from the petroleum industry. We find that inventory fluctuations lag behind price variations, and the length of the lags depend on how far the inventory is from the source of the supply or demand shocks. We also find that shocks are both dampened and delayed when propagating through the production stages, and that shocks have a prolonged effect on inventories and prices at both stages. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1380-1397
Titre : Improving supply chain performance and managing risk under weather-related demand uncertainty Type de document : texte imprimé Auteurs : Frank Youhua Chen, Auteur ; Candace Arai Yano, Auteur Année de publication : 2010 Article en page(s) : pp. 1380-1397 Note générale : Management Langues : Anglais (eng) Mots-clés : Weather-linked rebate Weather risk Weather derivatives Supply chain coordination Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We consider a manufacturer-retailer supply chain for a seasonal product whose demand is weather sensitive. The retailer orders from the manufacturer (supplier) prior to the selling season and then sells to the market. We examine how a manufacturer can structure a weather-linked rebate to improve his expected profit. The proposed class of rebate contracts offers several advantages over many other contract structures, including no required verification of leftover inventory and/or markdown amounts, and no adverse effect on sales effort by the retailer. We provide a thorough analysis of the manufacturer's and retailer's decisions in this context. We show that the weather-linked rebate can take many different forms, and this flexibility allows the supplier to design contracts that are Pareto improving and/or limit his risk in offering the contract and the retailer's risk in accepting it. For weather rebates with certain characteristics, the manufacturer can fully hedge his risks of offering a weather rebate by paying a risk premium; we show how this can be accomplished. We also show that the basic structural results extend to settings in which the two parties would like to limit their risk. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc [article] Improving supply chain performance and managing risk under weather-related demand uncertainty [texte imprimé] / Frank Youhua Chen, Auteur ; Candace Arai Yano, Auteur . - 2010 . - pp. 1380-1397.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1380-1397
Mots-clés : Weather-linked rebate Weather risk Weather derivatives Supply chain coordination Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We consider a manufacturer-retailer supply chain for a seasonal product whose demand is weather sensitive. The retailer orders from the manufacturer (supplier) prior to the selling season and then sells to the market. We examine how a manufacturer can structure a weather-linked rebate to improve his expected profit. The proposed class of rebate contracts offers several advantages over many other contract structures, including no required verification of leftover inventory and/or markdown amounts, and no adverse effect on sales effort by the retailer. We provide a thorough analysis of the manufacturer's and retailer's decisions in this context. We show that the weather-linked rebate can take many different forms, and this flexibility allows the supplier to design contracts that are Pareto improving and/or limit his risk in offering the contract and the retailer's risk in accepting it. For weather rebates with certain characteristics, the manufacturer can fully hedge his risks of offering a weather rebate by paying a risk premium; we show how this can be accomplished. We also show that the basic structural results extend to settings in which the two parties would like to limit their risk. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1398-1414
Titre : Management economics in a large retail company Type de document : texte imprimé Auteurs : W. Stanley Siebert, Auteur ; Nikolay Zubanov, Auteur Année de publication : 2010 Article en page(s) : pp. 1398-1414 Note générale : Management Langues : Anglais (eng) Mots-clés : Management Firm behavior Business economics Productivity Compensation methods Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We use unique data from 245 stores of a UK retailer to study links among middle (store) manager skills, sales, and manager pay. We find that, of the six management practice areas surveyed, the most important is “commercial awareness,” where abler managers achieve up to 13.9% higher sales per worker. We find that many stores have poor managers on this indicator. However, the company is careful to incentivize managers, operating a scheme giving shares (approximately 20%) in both positive and negative deviations of actual sales from expected. Abler managers do not receive higher pay, implying that their skills are company specific. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc [article] Management economics in a large retail company [texte imprimé] / W. Stanley Siebert, Auteur ; Nikolay Zubanov, Auteur . - 2010 . - pp. 1398-1414.
Management
Langues : Anglais (eng)
in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1398-1414
Mots-clés : Management Firm behavior Business economics Productivity Compensation methods Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We use unique data from 245 stores of a UK retailer to study links among middle (store) manager skills, sales, and manager pay. We find that, of the six management practice areas surveyed, the most important is “commercial awareness,” where abler managers achieve up to 13.9% higher sales per worker. We find that many stores have poor managers on this indicator. However, the company is careful to incentivize managers, operating a scheme giving shares (approximately 20%) in both positive and negative deviations of actual sales from expected. Abler managers do not receive higher pay, implying that their skills are company specific. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc
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