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The newsvendor problem with unknown distribution / U. Benzion in Journal of the operational research society (JORS), Vol. 61 N° 6 (Juin 2010) 

Public ISBD [article]  in Journal of the operational research society (JORS) > Vol. 61 N° 6 (Juin 2010) . - pp. 1022–1031 Titre : The newsvendor problem with unknown distribution Type de document : texte imprimé Auteurs : U. Benzion, Auteur ; Y. Cohen, Auteur ; T. Shavit, Auteur Année de publication : 2011 Article en page(s) : pp. 1022–1031 Note générale : Recherche opérationnelle Langues : Anglais (eng) Mots-clés : Behavioural  operation  Newsvendor  problem  Learning  Demand  distribution  Purchase  decision Index. décimale : 001.424 Résumé : Newsvendor theory assumes that the decision-maker faces a known distribution. But in real-life situations, demand distribution is not always known. In the experimental study which this paper presents, half of the participants assuming the newsvendor role were unaware of the underlying demand distribution, while the other half knew the demand distribution. Participants had to decide how many papers to order each day (for 100 days). The experimental findings indicate that subjects who know the demand distribution behave differently to those who do not. However, interestingly enough, knowing the demand distribution does not necessarily lead the subject closer to the optimal solution or improve profits. It was found that supply surplus at a certain period strongly affects the order quantity towards the following period, despite the knowledge of the demand distribution. DEWEY : 001.424 ISSN : 0361-5682 En ligne : http://www.palgrave-journals.com/jors/journal/v61/n6/abs/jors200956a.html [article] The newsvendor problem with unknown distribution [texte imprimé] / U. Benzion, Auteur ; Y. Cohen, Auteur ; T. Shavit, Auteur . - 2011 . - pp. 1022–1031. Recherche opérationnelle Langues : Anglais (eng) in Journal of the operational research society (JORS) > Vol. 61 N° 6 (Juin 2010) . - pp. 1022–1031 Mots-clés : Behavioural  operation  Newsvendor  problem  Learning  Demand  distribution  Purchase  decision Index. décimale : 001.424 Résumé : Newsvendor theory assumes that the decision-maker faces a known distribution. But in real-life situations, demand distribution is not always known. In the experimental study which this paper presents, half of the participants assuming the newsvendor role were unaware of the underlying demand distribution, while the other half knew the demand distribution. Participants had to decide how many papers to order each day (for 100 days). The experimental findings indicate that subjects who know the demand distribution behave differently to those who do not. However, interestingly enough, knowing the demand distribution does not necessarily lead the subject closer to the optimal solution or improve profits. It was found that supply surplus at a certain period strongly affects the order quantity towards the following period, despite the knowledge of the demand distribution. DEWEY : 001.424 ISSN : 0361-5682 En ligne : http://www.palgrave-journals.com/jors/journal/v61/n6/abs/jors200956a.html