Impulse balance in the newsvendor game
One striking behavioral phenomenon is the “pull-to-center” bias in the newsvendor game: facing stochastic demand, subjects tend to order quantities between the expected profit maximizing quantity and mean demand. We show that the impulse balance equilibrium, which is based on a simple ex-post ration...
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| Published in | Games and economic behavior Vol. 86; pp. 237 - 247 |
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| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
Duluth
Elsevier Inc
01.07.2014
Academic Press |
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| Abstract | One striking behavioral phenomenon is the “pull-to-center” bias in the newsvendor game: facing stochastic demand, subjects tend to order quantities between the expected profit maximizing quantity and mean demand. We show that the impulse balance equilibrium, which is based on a simple ex-post rationality principle along with an equilibrium condition, predicts the pull-to-center bias and other, more subtle observations in the laboratory newsvendor game.
•We propose impulse balance equilibrium to organize behavior in the newsvendor game.•The model predicts the pull-to-center bias and other, more subtle observations.•We provide new laboratory evidence across a large range of parameters. |
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| AbstractList | One striking behavioral phenomenon is the "pull-to-center" bias in the newsvendor game: facing stochastic demand, subjects tend to order quantities between the expected profit maximizing quantity and mean demand. We show that the impulse balance equilibrium, which is based on a simple ex-post rationality principle along with an equilibrium condition, predicts the pull-to-center bias and other, more subtle observations in the laboratory newsvendor game. One striking behavioral phenomenon is the 'pull-to-center' bias in the newsvendor game: facing stochastic demand, subjects tend to order quantities between the expected profit maximizing quantity and mean demand. We show that the impulse balance equilibrium, which is based on a simple ex-post rationality principle along with an equilibrium condition, predicts the pull-to-center bias and other, more subtle observations in the laboratory newsvendor game. All rights reserved, Elsevier One striking behavioral phenomenon is the “pull-to-center” bias in the newsvendor game: facing stochastic demand, subjects tend to order quantities between the expected profit maximizing quantity and mean demand. We show that the impulse balance equilibrium, which is based on a simple ex-post rationality principle along with an equilibrium condition, predicts the pull-to-center bias and other, more subtle observations in the laboratory newsvendor game. •We propose impulse balance equilibrium to organize behavior in the newsvendor game.•The model predicts the pull-to-center bias and other, more subtle observations.•We provide new laboratory evidence across a large range of parameters. |
| Author | Ockenfels, Axel Selten, Reinhard |
| Author_xml | – sequence: 1 givenname: Axel surname: Ockenfels fullname: Ockenfels, Axel email: ockenfels@uni-koeln.de organization: University of Cologne, Germany – sequence: 2 givenname: Reinhard surname: Selten fullname: Selten, Reinhard organization: University of Bonn, Germany |
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| Keywords | Ex-post rationality D03 Experiment Newsvendor game Impulse balance equilibrium Economic cognition C91 D81 M11 Behavioral operations management |
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| Snippet | One striking behavioral phenomenon is the “pull-to-center” bias in the newsvendor game: facing stochastic demand, subjects tend to order quantities between the... One striking behavioral phenomenon is the "pull-to-center" bias in the newsvendor game: facing stochastic demand, subjects tend to order quantities between the... One striking behavioral phenomenon is the 'pull-to-center' bias in the newsvendor game: facing stochastic demand, subjects tend to order quantities between the... |
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| SubjectTerms | Behavioral operations management Behavioral sciences Demand curves Economic behaviour Economic cognition Economic theory Equilibrium Ex-post rationality Experiment Game theory Impulse balance equilibrium Newsvendor game Profit maximization Rationality Stochastic models Studies |
| Title | Impulse balance in the newsvendor game |
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