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Two bounds for integrating the virtual dynamic cellular manufacturing problem into supply chain management
The risk-averse newsvendor game with competition on demand
1. | Department of Mathematical Sciences, Tsinghua University, Beijing, 100084, China, China |
2. | School of Management Science and Engineering, Dongbei University of Finance and Economics, Dalian, 116025, China |
References:
[1] |
K. J. Arrow, The theory of risk aversion, in Essays in the Theory of Risk-Bearing (ed. K. J. Arrow), Markham Publishing Company, 1971, 90-120. |
[2] |
V. Agrawal and S. Seshadri, Impact of uncertainty and risk aversion on price and order quantity in the newsvendor problem, Manufacturing & Service Operations Management, 2 (2000), 410-423.
doi: 10.1287/msom.2.4.410.12339. |
[3] |
A. O. Brown and C. S. Tang, The impact of alternative performance measures on single-period inventory policy, Journal of Industrial and Management Optimization, 2 (2006), 297-318.
doi: 10.3934/jimo.2006.2.297. |
[4] |
P. L. Brockett and L. L. Golden, A class of utility functions containing all the common utility functions, Management Science, 33 (1987), 955-964.
doi: 10.1287/mnsc.33.8.955. |
[5] |
G. P. Cachon, Supply chain coordination with contracts, in Handbooks in Operations Research and Management Science, Vol. 11 (eds. S. C. Graves and A. G. de Kok), Elsevier, 2003, 227-339.
doi: 10.1016/S0927-0507(03)11006-7. |
[6] |
X. Chen, M. Sim, D. S. Levi and P. Sun, Risk aversion in inventory management, Operations Research, 55 (2007), 828-842.
doi: 10.1287/opre.1070.0429. |
[7] |
L. Eeckhoudt, C. Gollier and H. Schlesinger, The risk-averse (and prudent) newsboy, Management Science, 41 (1995), 786-794.
doi: 10.1287/mnsc.41.5.786. |
[8] |
D. Fudenberg and J. Tirole, Game Theory, MIT Press, London, 1991. |
[9] |
I. Friend and M. E. Blume, The demand for risky assets, The American Economic Review, 65 (1975), 900-922. |
[10] |
A. Gasparro and J. Beckerman, Whole foods again lowers sales projections; specialty supermarket reports 6 Wall Street Journal (Online), 30 Jul 2014. Available from: http://search.proquest.com/docview/1549531450?accountid=14426. |
[11] |
K. Girotra and S. Netessine, How to build risk into your business model, Harvard Business Review, 89 (2011), 100-105. |
[12] |
C. A. Holt and S. K. Laury, Risk aversion and incentive effects, American Economic Review, 92 (2002), 1644-1655.
doi: 10.1257/000282802762024700. |
[13] |
J. R. Hagerty, 3M begins untangling its 'hairballs' - making plastic hooks is harder than it seems; streamlining a four-state, 1,300-mile supply chain, Wall Street Journal, 17 May 2012. Available from: http://search.proquest.com/docview/1013910634?accountid=14426. |
[14] |
K. B. Hamal and J. R. Anderson, A note on decreasing absolute risk aversion among farmers in Nepal, Australian Journal of Agricultural Economics, 26 (1982), 220-225.
doi: 10.1111/j.1467-8489.1982.tb00414.x. |
[15] |
B. Keren and J. S. Pliskin, A benchmark solution for the risk-averse newsvendor problem, European Journal of Operational Research, 174 (2006), 1643-1650.
doi: 10.1016/j.ejor.2005.03.047. |
[16] |
M. Khouja, The single-period (news-vendor) problem: literature review and suggestions for future research, Omega-The International Journal of Management Science, 27 (1999), 537-553.
doi: 10.1016/S0305-0483(99)00017-1. |
[17] |
S. A. Lippman and K. F. McCardle, The competitive newsboy, Operations Research, 45 (1997), 54-65.
doi: 10.1287/opre.45.1.54. |
[18] |
W. Liu, S. J. Song and C. Wu, Impact of loss aversion on the newsvendor game with product substitution, International Journal of Production Economics, 141 (2013), 352-359.
doi: 10.1016/j.ijpe.2012.08.017. |
[19] |
J. W. Pratt, Risk aversion in the small and in the large, Econometrica, 32 (1964), 122-136. |
[20] |
M. Parlar, Game theoretic analysis of the substitutable product inventory problem with random demand, Naval Research Logistics, 35 (1988), 397-409.
doi: 10.1002/1520-6750(198806)35:3<397::AID-NAV3220350308>3.0.CO;2-Z. |
[21] |
Y. Qin, R. X. Wang, A. J. Vakhria, Y. W. Chen and M. M. H. Seref, The newsvendor problem: review and directions for future research, European Journal of Operational Research, 213 (2011), 361-374.
doi: 10.1016/j.ejor.2010.11.024. |
[22] |
A. Saha, C. R. Shumway and H. Talpaz, Joint estimation of risk preference structure and technology using expo-power utility, American Journal of Agricultural Economics, 76 (1994), 173-184.
doi: 10.2307/1243619. |
[23] |
M. E. Schweitzer and G. P. Cachon, Decision bias in the newsvendor problem with a known demand distribution: Experimental evidence, Management Science, 46 (2000), 404-420.
doi: 10.1287/mnsc.46.3.404.12070. |
[24] |
F. W. Siegel and J. P. Hoban, Relative risk aversion revisited, The Review of Economics and Statistics, 64 (1982), 481-487.
doi: 10.2307/1925947. |
[25] |
T. L. Urban, Inventory models with inventory-level-dependent demand: A comprehensive review and unifying theory, European Journal of Operational Research, 162 (2005), 792-804.
doi: 10.1016/j.ejor.2003.08.065. |
[26] |
H. B. Wolfe, A model for control of style merchandise, Industrial Management Review, 9 (1968), 69-82. |
[27] |
C. X. Wang, The loss-averse newsvendor game, International Journal of Production Economics, 124 (2010), 448-452.
doi: 10.1016/j.ijpe.2009.12.007. |
[28] |
C. X. Wang, S. Webster and N. C. Suresh, Would a risk-averse newsvendor order less at a higher selling price?, European Journal of Operational Research, 196 (2009), 544-553.
doi: 10.1016/j.ejor.2008.04.002. |
[29] |
M. Wik, T. A. Kebede, O. Bergland and S. T. Holden, On the measurement of risk aversion from experimental data, Applied Economics, 36 (2004), 2443-2451.
doi: 10.1080/0003684042000280580. |
[30] |
M. Wu, S. X. Zhu and R. H. Teunter, A risk-averse competitive newsvendor problem under the CVaR criterion, International Journal of Production Economics, 156 (2014), 13-23.
doi: 10.1016/j.ijpe.2014.05.009. |
[31] |
Y. Z. Wang and Y. Gerchak, Supply chain coordination when demand is shelf-space dependent, Manufacturing & Service Operations Management, 3 (2001), 82-87.
doi: 10.1287/msom.3.1.82.9998. |
[32] |
G. Xie, W. Y. Yue and S. Y. Wang, Optimal selection of cleaner products in a green supply chain with risk aversion, Journal of Industrial and Management Optimization, 11 (2015), 515-528.
doi: 10.3934/jimo.2015.11.515. |
[33] |
T. J. Xiao and D. Q. Yang, Price and service competition of supply chains with risk-averse retailers under demand uncertainty, International Journal of Production Economics, 114 (2008), 187-200.
doi: 10.1016/j.ijpe.2008.01.006. |
show all references
References:
[1] |
K. J. Arrow, The theory of risk aversion, in Essays in the Theory of Risk-Bearing (ed. K. J. Arrow), Markham Publishing Company, 1971, 90-120. |
[2] |
V. Agrawal and S. Seshadri, Impact of uncertainty and risk aversion on price and order quantity in the newsvendor problem, Manufacturing & Service Operations Management, 2 (2000), 410-423.
doi: 10.1287/msom.2.4.410.12339. |
[3] |
A. O. Brown and C. S. Tang, The impact of alternative performance measures on single-period inventory policy, Journal of Industrial and Management Optimization, 2 (2006), 297-318.
doi: 10.3934/jimo.2006.2.297. |
[4] |
P. L. Brockett and L. L. Golden, A class of utility functions containing all the common utility functions, Management Science, 33 (1987), 955-964.
doi: 10.1287/mnsc.33.8.955. |
[5] |
G. P. Cachon, Supply chain coordination with contracts, in Handbooks in Operations Research and Management Science, Vol. 11 (eds. S. C. Graves and A. G. de Kok), Elsevier, 2003, 227-339.
doi: 10.1016/S0927-0507(03)11006-7. |
[6] |
X. Chen, M. Sim, D. S. Levi and P. Sun, Risk aversion in inventory management, Operations Research, 55 (2007), 828-842.
doi: 10.1287/opre.1070.0429. |
[7] |
L. Eeckhoudt, C. Gollier and H. Schlesinger, The risk-averse (and prudent) newsboy, Management Science, 41 (1995), 786-794.
doi: 10.1287/mnsc.41.5.786. |
[8] |
D. Fudenberg and J. Tirole, Game Theory, MIT Press, London, 1991. |
[9] |
I. Friend and M. E. Blume, The demand for risky assets, The American Economic Review, 65 (1975), 900-922. |
[10] |
A. Gasparro and J. Beckerman, Whole foods again lowers sales projections; specialty supermarket reports 6 Wall Street Journal (Online), 30 Jul 2014. Available from: http://search.proquest.com/docview/1549531450?accountid=14426. |
[11] |
K. Girotra and S. Netessine, How to build risk into your business model, Harvard Business Review, 89 (2011), 100-105. |
[12] |
C. A. Holt and S. K. Laury, Risk aversion and incentive effects, American Economic Review, 92 (2002), 1644-1655.
doi: 10.1257/000282802762024700. |
[13] |
J. R. Hagerty, 3M begins untangling its 'hairballs' - making plastic hooks is harder than it seems; streamlining a four-state, 1,300-mile supply chain, Wall Street Journal, 17 May 2012. Available from: http://search.proquest.com/docview/1013910634?accountid=14426. |
[14] |
K. B. Hamal and J. R. Anderson, A note on decreasing absolute risk aversion among farmers in Nepal, Australian Journal of Agricultural Economics, 26 (1982), 220-225.
doi: 10.1111/j.1467-8489.1982.tb00414.x. |
[15] |
B. Keren and J. S. Pliskin, A benchmark solution for the risk-averse newsvendor problem, European Journal of Operational Research, 174 (2006), 1643-1650.
doi: 10.1016/j.ejor.2005.03.047. |
[16] |
M. Khouja, The single-period (news-vendor) problem: literature review and suggestions for future research, Omega-The International Journal of Management Science, 27 (1999), 537-553.
doi: 10.1016/S0305-0483(99)00017-1. |
[17] |
S. A. Lippman and K. F. McCardle, The competitive newsboy, Operations Research, 45 (1997), 54-65.
doi: 10.1287/opre.45.1.54. |
[18] |
W. Liu, S. J. Song and C. Wu, Impact of loss aversion on the newsvendor game with product substitution, International Journal of Production Economics, 141 (2013), 352-359.
doi: 10.1016/j.ijpe.2012.08.017. |
[19] |
J. W. Pratt, Risk aversion in the small and in the large, Econometrica, 32 (1964), 122-136. |
[20] |
M. Parlar, Game theoretic analysis of the substitutable product inventory problem with random demand, Naval Research Logistics, 35 (1988), 397-409.
doi: 10.1002/1520-6750(198806)35:3<397::AID-NAV3220350308>3.0.CO;2-Z. |
[21] |
Y. Qin, R. X. Wang, A. J. Vakhria, Y. W. Chen and M. M. H. Seref, The newsvendor problem: review and directions for future research, European Journal of Operational Research, 213 (2011), 361-374.
doi: 10.1016/j.ejor.2010.11.024. |
[22] |
A. Saha, C. R. Shumway and H. Talpaz, Joint estimation of risk preference structure and technology using expo-power utility, American Journal of Agricultural Economics, 76 (1994), 173-184.
doi: 10.2307/1243619. |
[23] |
M. E. Schweitzer and G. P. Cachon, Decision bias in the newsvendor problem with a known demand distribution: Experimental evidence, Management Science, 46 (2000), 404-420.
doi: 10.1287/mnsc.46.3.404.12070. |
[24] |
F. W. Siegel and J. P. Hoban, Relative risk aversion revisited, The Review of Economics and Statistics, 64 (1982), 481-487.
doi: 10.2307/1925947. |
[25] |
T. L. Urban, Inventory models with inventory-level-dependent demand: A comprehensive review and unifying theory, European Journal of Operational Research, 162 (2005), 792-804.
doi: 10.1016/j.ejor.2003.08.065. |
[26] |
H. B. Wolfe, A model for control of style merchandise, Industrial Management Review, 9 (1968), 69-82. |
[27] |
C. X. Wang, The loss-averse newsvendor game, International Journal of Production Economics, 124 (2010), 448-452.
doi: 10.1016/j.ijpe.2009.12.007. |
[28] |
C. X. Wang, S. Webster and N. C. Suresh, Would a risk-averse newsvendor order less at a higher selling price?, European Journal of Operational Research, 196 (2009), 544-553.
doi: 10.1016/j.ejor.2008.04.002. |
[29] |
M. Wik, T. A. Kebede, O. Bergland and S. T. Holden, On the measurement of risk aversion from experimental data, Applied Economics, 36 (2004), 2443-2451.
doi: 10.1080/0003684042000280580. |
[30] |
M. Wu, S. X. Zhu and R. H. Teunter, A risk-averse competitive newsvendor problem under the CVaR criterion, International Journal of Production Economics, 156 (2014), 13-23.
doi: 10.1016/j.ijpe.2014.05.009. |
[31] |
Y. Z. Wang and Y. Gerchak, Supply chain coordination when demand is shelf-space dependent, Manufacturing & Service Operations Management, 3 (2001), 82-87.
doi: 10.1287/msom.3.1.82.9998. |
[32] |
G. Xie, W. Y. Yue and S. Y. Wang, Optimal selection of cleaner products in a green supply chain with risk aversion, Journal of Industrial and Management Optimization, 11 (2015), 515-528.
doi: 10.3934/jimo.2015.11.515. |
[33] |
T. J. Xiao and D. Q. Yang, Price and service competition of supply chains with risk-averse retailers under demand uncertainty, International Journal of Production Economics, 114 (2008), 187-200.
doi: 10.1016/j.ijpe.2008.01.006. |
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