Decision making in the newsvendor problem: A cross-national laboratory study
In this paper, we conduct a laboratory experiment using the classic newsvendor problem to examine cross-national differences in inventory ordering patterns between Chinese and American decision makers based on a theoretical examination of the role of the Doctrine of the Mean in Chinese decision maki...
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| Published in | Omega (Oxford) Vol. 39; no. 1; pp. 41 - 50 |
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| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
Kidlington
Elsevier Ltd
2011
Elsevier Pergamon Press Inc |
| Series | Omega |
| Subjects | |
| Online Access | Get full text |
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| Abstract | In this paper, we conduct a laboratory experiment using the classic newsvendor problem to examine cross-national differences in inventory ordering patterns between Chinese and American decision makers based on a theoretical examination of the role of the Doctrine of the Mean in Chinese decision making. Drawing on the theory of context-dependent preferences (specifically extremeness aversion), we also revisit the flat-maximum hypothesis of Bolton and Katok
[12], i.e., “thinning the set of order options leads to newsvendor decisions that achieve a higher proportion of maximum expected profit.” The results show that the “pull-to-center” effect is more prominent for Chinese than Americans, i.e., average order quantities of Chinese subjects are closer to the anchor of mean demand than those of American subjects. Furthermore, we find that thinning the set of order options such that the optimal order quantity is a middle option, not an extreme option in the choice set, leads to better performance in newsvendor decisions, which complements the flat-maximum hypothesis. |
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| AbstractList | In this paper, we conduct a laboratory experiment using the classic newsvendor problem to examine cross-national differences in inventory ordering patterns between Chinese and American decision makers based on a theoretical examination of the role of the Doctrine of the Mean in Chinese decision making. Drawing on the theory of context-dependent preferences (specifically extremeness aversion), we also revisit the flat-maximum hypothesis of Bolton and Katok
[12], i.e., “thinning the set of order options leads to newsvendor decisions that achieve a higher proportion of maximum expected profit.” The results show that the “pull-to-center” effect is more prominent for Chinese than Americans, i.e., average order quantities of Chinese subjects are closer to the anchor of mean demand than those of American subjects. Furthermore, we find that thinning the set of order options such that the optimal order quantity is a middle option, not an extreme option in the choice set, leads to better performance in newsvendor decisions, which complements the flat-maximum hypothesis. In this paper, we conduct a laboratory experiment using the classic newsvendor problem to examine cross-national differences in inventory ordering patterns between Chinese and American decision makers based on a theoretical examination of the role of the Doctrine of the Mean in Chinese decision making. Drawing on the theory of context-dependent preferences (specifically extremeness aversion), we also revisit the flat-maximum hypothesis of Bolton and Katok [12], i.e., "thinning the set of order options leads to newsvendor decisions that achieve a higher proportion of maximum expected profit." The results show that the "pull-to-center" effect is more prominent for Chinese than Americans, i.e., average order quantities of Chinese subjects are closer to the anchor of mean demand than those of American subjects. Furthermore, we find that thinning the set of order options such that the optimal order quantity is a middle option, not an extreme option in the choice set, leads to better performance in newsvendor decisions, which complements the flat-maximum hypothesis. [PUBLICATION ABSTRACT] In this paper, we conduct a laboratory experiment using the classic newsvendor problem to examine cross-national differences in inventory ordering patterns between Chinese and American decision makers based on a theoretical examination of the role of the Doctrine of the Mean in Chinese decision making. Drawing on the theory of context-dependent preferences (specifically extremeness aversion), we also revisit the flat-maximum hypothesis of Bolton and Katok [12], i.e., "thinning the set of order options leads to newsvendor decisions that achieve a higher proportion of maximum expected profit." The results show that the "pull-to-center" effect is more prominent for Chinese than Americans, i.e., average order quantities of Chinese subjects are closer to the anchor of mean demand than those of American subjects. Furthermore, we find that thinning the set of order options such that the optimal order quantity is a middle option, not an extreme option in the choice set, leads to better performance in newsvendor decisions, which complements the flat-maximum hypothesis. |
| Author | Keller, L. Robin Zheng, Xiaona Feng, Tianjun |
| Author_xml | – sequence: 1 givenname: Tianjun surname: Feng fullname: Feng, Tianjun email: tfeng@fudan.edu.cn organization: School of Management, Fudan University, Shanghai 200433, PR China – sequence: 2 givenname: L. Robin surname: Keller fullname: Keller, L. Robin email: LRKeller@uci.edu organization: The Paul Merage School of Business, University of California Irvine, Irvine, CA 92697-3125, USA – sequence: 3 givenname: Xiaona surname: Zheng fullname: Zheng, Xiaona email: xzheng@gsm.pku.edu.cn organization: Guanghua School of Management, Peking University, Beijing 100871, PR China |
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| Keywords | Cross-national difference Newsvendor decisions Context-dependent preferences Flat-maximum hypothesis Behavioral operations management “Pull-to-center” effect Decision support system Ordered set Decision making Newsboy problem Context aware Production management Pull-to-center effect Behavioral analysis Preference Economic order quantity Ordering Profit |
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publication-title: Manufacturing and Service Operations Management doi: 10.1287/msom.1060.0190 |
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| SubjectTerms | Applied sciences Behavioral operations management Bestellung China Context-dependent preferences Cross-national difference Cross-national difference Newsvendor decisions Pull-to-center effect Context-dependent preferences Flat-maximum hypothesis Behavioral operations management Decision making Decision making models Decision theory. Utility theory Entscheidungstheorie Exact sciences and technology Flat-maximum hypothesis Hypotheses Inventory control, production control. Distribution Laboratories Lagerhaltungsmodell Newsvendor decisions Operational research and scientific management Operational research. Management science Order quantity Preferences Studies Test USA “Pull-to-center” effect |
| Title | Decision making in the newsvendor problem: A cross-national laboratory study |
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