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The loss-averse newsvendor problem with random yield

机译：具有随机收益率的规避损失的新闻卖方问题

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摘要

This paper studies a single-period inventory problem with random yield and demand, where the loss-averse preferences are adopted to describe the retailer's (newsvendor's) decision-making behavior. When the loss-averse retailer orders, the fraction of good units in a batch is stochastic. He will choose an order quantity to maximize his expected utility. Both shortage cost and no shortage cost are considered, respectively. The retailer's optimal ordering policies are obtained, then the impacts of loss aversion, price and cost on the optimal order quantity are analysed. For the model without shortage cost, the loss-averse retailer's optimal order quantity is always less than the risk-neutral retailer's, and decreasing in the loss aversion level. While for the model with shortage cost, the loss-averse retailer's optimal order quantity may be larger than the risk-neutral retailer's, and increasing in the loss aversion level. Moreover, it may be decreasing in selling price and increasing in purchasing cost, which will never occur in the case of zero shortage cost. The numerical experiments are conducted to demonstrate our theoretical results.
机译：本文研究了具有随机收益率和需求的单周期库存问题，其中采用了避免损失的偏好来描述零售商（新供应商）的决策行为。当规避损失的零售商下订单时，一批中的良品率是随机的。他将选择一个订单数量以最大化其预期效用。分别考虑短缺成本和不短缺成本。获得零售商的最优订货策略，然后分析损失厌恶，价格和成本对最优订货量的影响。对于没有短缺成本的模型，规避损失的零售商的最优订货量始终小于中性风险的零售商，并且规避损失的程度会降低。而对于成本短缺的模型，规避损失的零售商的最优订货量可能会大于中立风险的零售商，并且规避损失的程度会增加。而且，它可能会降低销售价格并增加购买成本，而在零短缺成本的情况下则永远不会发生。进行数值实验以证明我们的理论结果。

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