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- Publisher Website: 10.1057/jors.2016.18
- Scopus: eid_2-s2.0-85010952186
- WOS: WOS:000384944700006
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Article: On learning process of a newsvendor with censored demand information
Title | On learning process of a newsvendor with censored demand information |
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Authors | |
Keywords | Learning Anchoring and adjustment heuristic Censored information |
Issue Date | 2016 |
Citation | Journal of the Operational Research Society, 2016, v. 67, n. 9, p. 1200-1211 How to Cite? |
Abstract | © 2016 Operational Research Society Ltd. All rights reserved. A behavioural study on the newsvendor problem without demand distribution knowledge or realized demands is conducted. We configure a censored-information scenario, where only sales data in history are provided. With laboratory experiments, we analyse participants ordering levels and ordering oscillations over time. It is observed that participants perform a significant learning process in the censored-information scenario. Moreover, we find that participants make orders by anchoring on the previous-period sales and adjusting to an adapted inventory level. On the basis of the observations, we propose an exponential-type learning (EXP) model to describe the behaviour of decision makers. Comparing with a chasing model that is popularly used in the full-information scenario, the EXP model is more recommended in the censored-information scenario. |
Persistent Identifier | http://hdl.handle.net/10722/296139 |
ISSN | 2023 Impact Factor: 2.7 2023 SCImago Journal Rankings: 1.045 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Zhao, Yingshuai | - |
dc.contributor.author | Zhao, Xiaobo | - |
dc.contributor.author | Shen, Zuo Jun Max | - |
dc.date.accessioned | 2021-02-11T04:52:55Z | - |
dc.date.available | 2021-02-11T04:52:55Z | - |
dc.date.issued | 2016 | - |
dc.identifier.citation | Journal of the Operational Research Society, 2016, v. 67, n. 9, p. 1200-1211 | - |
dc.identifier.issn | 0160-5682 | - |
dc.identifier.uri | http://hdl.handle.net/10722/296139 | - |
dc.description.abstract | © 2016 Operational Research Society Ltd. All rights reserved. A behavioural study on the newsvendor problem without demand distribution knowledge or realized demands is conducted. We configure a censored-information scenario, where only sales data in history are provided. With laboratory experiments, we analyse participants ordering levels and ordering oscillations over time. It is observed that participants perform a significant learning process in the censored-information scenario. Moreover, we find that participants make orders by anchoring on the previous-period sales and adjusting to an adapted inventory level. On the basis of the observations, we propose an exponential-type learning (EXP) model to describe the behaviour of decision makers. Comparing with a chasing model that is popularly used in the full-information scenario, the EXP model is more recommended in the censored-information scenario. | - |
dc.language | eng | - |
dc.relation.ispartof | Journal of the Operational Research Society | - |
dc.subject | Learning | - |
dc.subject | Anchoring and adjustment heuristic | - |
dc.subject | Censored information | - |
dc.title | On learning process of a newsvendor with censored demand information | - |
dc.type | Article | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1057/jors.2016.18 | - |
dc.identifier.scopus | eid_2-s2.0-85010952186 | - |
dc.identifier.volume | 67 | - |
dc.identifier.issue | 9 | - |
dc.identifier.spage | 1200 | - |
dc.identifier.epage | 1211 | - |
dc.identifier.eissn | 1476-9360 | - |
dc.identifier.isi | WOS:000384944700006 | - |
dc.identifier.issnl | 0160-5682 | - |