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Reference dependence in multilocation newsvendor models / Teck-Hua Ho in Management science, Vol. 56 N° 11 (Novembre 2010) 

Public ISBD [article]  in Management science > Vol. 56 N° 11 (Novembre 2010) . - pp. 1891-1910 Titre : Reference dependence in multilocation newsvendor models : A structural analysis Type de document : texte imprimé Auteurs : Teck-Hua Ho, Auteur ; Noah Lim, Auteur ; Tony Haitao Cui, Auteur Année de publication : 2011 Article en page(s) : pp. 1891-1910 Note générale : Management Langues : Anglais (eng) Mots-clés : Multilocation  inventory  system  Newsvendor  Behavioral  operations  management  Experimental  economics Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We propose a behavioral theory to predict actual ordering behavior in multilocation inventory systems. The theory rests on a well-known stylized fact of human behavior: people's preferences are reference dependent. We incorporate reference dependence into the newsvendor framework by assuming that there are psychological costs of leftovers and stockouts. We also hypothesize that the psychological aversion to leftovers is greater than the disutility for stockouts. We then experimentally test the proposed theory in both the centralized and decentralized inventory structures using subjects motivated by substantial financial incentives. Consistent with the proposed theory, actual orders exhibit the so-called "pull-to-center" bias and the degree of bias is greater in the high-profit margin than in the low-profit margin condition. These systematic biases are shown to eliminate the risk-pooling benefit when the demands across store locations are strongly correlated. Because the proposed model nests the standard inventory and ex post inventory error minimization theories as special cases, one can systematically evaluate the predictive power of each alternative using the generalized likelihood principle. We structurally estimate all three theories using the experimental data, and the estimation results strongly suggest that the proposed behavioral theory captures actual orders and profits better. We also conduct two experiments to validate the behavioral model by manipulating the relative salience of the psychological costs of leftovers versus that of stockouts to alleviate the pull-to-center bias. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/11/1891 [article] Reference dependence in multilocation newsvendor models : A structural analysis [texte imprimé] / Teck-Hua Ho, Auteur ; Noah Lim, Auteur ; Tony Haitao Cui, Auteur . - 2011 . - pp. 1891-1910. Management Langues : Anglais (eng) in Management science > Vol. 56 N° 11 (Novembre 2010) . - pp. 1891-1910 Mots-clés : Multilocation  inventory  system  Newsvendor  Behavioral  operations  management  Experimental  economics Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We propose a behavioral theory to predict actual ordering behavior in multilocation inventory systems. The theory rests on a well-known stylized fact of human behavior: people's preferences are reference dependent. We incorporate reference dependence into the newsvendor framework by assuming that there are psychological costs of leftovers and stockouts. We also hypothesize that the psychological aversion to leftovers is greater than the disutility for stockouts. We then experimentally test the proposed theory in both the centralized and decentralized inventory structures using subjects motivated by substantial financial incentives. Consistent with the proposed theory, actual orders exhibit the so-called "pull-to-center" bias and the degree of bias is greater in the high-profit margin than in the low-profit margin condition. These systematic biases are shown to eliminate the risk-pooling benefit when the demands across store locations are strongly correlated. Because the proposed model nests the standard inventory and ex post inventory error minimization theories as special cases, one can systematically evaluate the predictive power of each alternative using the generalized likelihood principle. We structurally estimate all three theories using the experimental data, and the estimation results strongly suggest that the proposed behavioral theory captures actual orders and profits better. We also conduct two experiments to validate the behavioral model by manipulating the relative salience of the psychological costs of leftovers versus that of stockouts to alleviate the pull-to-center bias. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/56/11/1891

When acquisition spoils retention / Yan Dong in Management science, Vol. 57 N° 7 (Juillet 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 7 (Juillet 2011) . - pp. 1288-1299 Titre : When acquisition spoils retention : Direct selling vs. delegation under CRM Type de document : texte imprimé Auteurs : Yan Dong, Auteur ; Yuliang Yao, Auteur ; Tony Haitao Cui, Auteur Année de publication : 2011 Article en page(s) : pp. 1288-1299 Note générale : Management Langues : Anglais (eng) Mots-clés : Customer  acquisition  Customer  retention  Customer  value  Customer  relationship  management  Incentive  mechanism Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : The widespread implementation of customer relationship management technologies in business has allowed companies to increasingly focus on both acquiring and retaining customers. The challenge of designing incentive mechanisms that simultaneously focus on customer acquisition and customer retention comes from the fact that customer acquisition and customer retention are usually separate but intertwined tasks that make providing proper incentives more difficult. The present study develops incentive mechanisms that simultaneously address acquisition and retention of customers with an emphasis on the interactions between them. The main focus of this study is to examine the impact of the negative effect of acquisition on retention, i.e., the spoiling effect, on firm performance under direct selling and delegation of customer acquisition. Our main finding is that the negative effect of acquisition on retention has a significant impact on acquisition and retention efforts and firm profit. In particular, when the customer acquisition and retention are independent, the firm's profit is higher under direct selling than under delegation; however, when acquisition spoils retention, interestingly, the firm's profit may be higher under delegation. Our analysis also finds that the spoiling effect not only reduces the optimal acquisition effort but may also reduce retention effort under both direct selling and delegation. Comparing the optimal efforts under direct selling and delegation, the acquisition effort is always lower under delegation regardless of the spoiling effect, but the retention effort may be higher under delegation with the spoiling effect. Furthermore, when the customer antagonism effect from price promotions is considered, our main results hold regarding the firm's preferences between direct selling and delegation, which demonstrates the robustness of our model. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/7.toc [article] When acquisition spoils retention : Direct selling vs. delegation under CRM [texte imprimé] / Yan Dong, Auteur ; Yuliang Yao, Auteur ; Tony Haitao Cui, Auteur . - 2011 . - pp. 1288-1299. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 7 (Juillet 2011) . - pp. 1288-1299 Mots-clés : Customer  acquisition  Customer  retention  Customer  value  Customer  relationship  management  Incentive  mechanism Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : The widespread implementation of customer relationship management technologies in business has allowed companies to increasingly focus on both acquiring and retaining customers. The challenge of designing incentive mechanisms that simultaneously focus on customer acquisition and customer retention comes from the fact that customer acquisition and customer retention are usually separate but intertwined tasks that make providing proper incentives more difficult. The present study develops incentive mechanisms that simultaneously address acquisition and retention of customers with an emphasis on the interactions between them. The main focus of this study is to examine the impact of the negative effect of acquisition on retention, i.e., the spoiling effect, on firm performance under direct selling and delegation of customer acquisition. Our main finding is that the negative effect of acquisition on retention has a significant impact on acquisition and retention efforts and firm profit. In particular, when the customer acquisition and retention are independent, the firm's profit is higher under direct selling than under delegation; however, when acquisition spoils retention, interestingly, the firm's profit may be higher under delegation. Our analysis also finds that the spoiling effect not only reduces the optimal acquisition effort but may also reduce retention effort under both direct selling and delegation. Comparing the optimal efforts under direct selling and delegation, the acquisition effort is always lower under delegation regardless of the spoiling effect, but the retention effort may be higher under delegation with the spoiling effect. Furthermore, when the customer antagonism effect from price promotions is considered, our main results hold regarding the firm's preferences between direct selling and delegation, which demonstrates the robustness of our model. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/7.toc