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• W2895970800 abstract "We summarize the literature on human decision-making in the newsvendor model. In the newsvendor model, a decision maker faces stochastic demand and must determine the order quantity. Consistent findings in the literature are that people choose order quantities that are between expected-profit-maximizing quantities and mean demand and that they vary over time. We discuss how deviations of people's orders from the expected-profit-maximizing quantities can be explained by decision biases and alternative utility functions. We also discuss how heterogeneity among people can explain between-subject variety, present alternative behavioral models, and identify potential areas for future research." @default.
• W2895970800 created "2018-10-26" @default.
• W2895970800 creator A5001698433 @default.
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• W2895970800 date "2018-10-19" @default.
• W2895970800 modified "2023-10-12" @default.
• W2895970800 title "Behavioral Inventory Decisions" @default.
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• W2895970800 doi "https://doi.org/10.1002/9781119138341.ch11" @default.
• W2895970800 hasPublicationYear "2018" @default.
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