A Newsvendor Who Chooses Informational Effort

doi:10.1111/poms.12208

CORC > 上海财经大学 > 上海财经大学

	A Newsvendor Who Chooses Informational Effort
	Marschak, Thomas 1; Shanthikumar, J. George 2; Zhou, Junjie 3
刊名	PRODUCTION AND OPERATIONS MANAGEMENT
	2015-01
卷号	24 期号:1 页码:110-133
关键词	newsvendor inventory management information gathering demand forecasting
ISSN号	1059-1478
DOI	10.1111/poms.12208
英文摘要	We study a newsvendor who can acquire the services of a forecaster, or, more generally, an information gatherer (IG) to improve his information about demand. When the IG's effort increases, does the average ex ante order quantity rise or fall? Do average ex post sales rise or fall? Improvements in information technology and in the services offered by forecasters provide motivation for the study of these questions. Much depends on our model of the IG and his efforts. We study an IG who sends a signal to a classic single-period newsvendor. The signal defines the newsvendor's posterior probability distribution on the possible demands and the newsvendor uses that posterior to calculate the optimal order. Each of the possible posteriors is a scale/location transform of the same base distribution. When the IG works harder, the average scale parameter drops. Higher IG effort is always useful to the newsvendor. We show that there is a critical value of order cost. For costs on one side of this value more IG effort leads to a higher average ex ante order and for costs on the other side to a lower average order. But for all costs, more IG effort leads to higher average ex post sales. We obtain analogous results for a regret-averse newsvendor who suffers a penalty that is a nonlinear function of the discrepancy between quantity ordered and true demand.
WOS研究方向	Engineering ; Operations Research & Management Science
语种	英语
出版者	WILEY-BLACKWELL
WOS记录号	WOS:000348568800009
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/1633]
专题	上海财经大学
通讯作者	Marschak, Thomas
作者单位	1.Univ Calif Berkeley, Walter A Haas Sch Business, Berkeley, CA 94720 USA; 2.Purdue Univ, Krannert Sch Management, W Lafayette, IN 47907 USA; 3.Shanghai Univ Finance & Econ, Sch Int Business Adm, Shanghai 20043, Peoples R China
推荐引用方式 GB/T 7714	Marschak, Thomas,Shanthikumar, J. George,Zhou, Junjie. A Newsvendor Who Chooses Informational Effort[J]. PRODUCTION AND OPERATIONS MANAGEMENT,2015,24(1):110-133.
APA	Marschak, Thomas,Shanthikumar, J. George,&Zhou, Junjie.(2015).A Newsvendor Who Chooses Informational Effort.PRODUCTION AND OPERATIONS MANAGEMENT,24(1),110-133.
MLA	Marschak, Thomas,et al."A Newsvendor Who Chooses Informational Effort".PRODUCTION AND OPERATIONS MANAGEMENT 24.1(2015):110-133.