Anchor Selection and Group Dynamics in Newsvendor Decisions--A Note

• Published in: Decision analysis Vol. 6; no. 2; pp. 87 - 97
• Main Authors: Gavirneni, Srinagesh, Xia, Yusen
• Format: Journal Article
• Language: English
• Published: Linthicum INFORMS 01.06.2009; Institute for Operations Research and the Management Sciences
• Subjects: anchoring; Behavior; Costs; Decision analysis; Decision making; Decision making models; Design of experiments; Experiments; group decisions; Group dynamics; Hypotheses; Inventory; Inventory control; Inventory management; newsvendor models; Order quantity; Studies

We conducted a newsvendor experiment in which (i) the subjects were presented with multiple pieces of information that they could possibly use to anchor their decision and (ii) the subjects participated either as individuals or in groups of three. The primary objective was to determine whether the s...