A newsvendor model with multiple reference points: Target-setting for aspirational newsvendors

IF 6 2区 管理学 Q1 OPERATIONS RESEARCH & MANAGEMENT SCIENCE
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Abstract

Prospect theory posits that the determination of an outcome as a gain or loss hinges upon the reference points, thereby exerting a substantial influence on the decision-making processes of individuals. These reference points can encompass both external targets and internal aspirations (self-goals), forming two potential candidates. Despite a growing body of evidence showcasing the concurrent impact of multiple reference points on decision-makers’ choices, scant attention has been accorded to this phenomenon within the realm of operations management literature. In light of this, the present study delves into the influence wielded by an external target, functioning as a reference point, on the decisions and profitability of newsvendors who also harbor a well-defined aspiration (self-goal) reference point. The study introduces two distinct archetypes of newsvendors: the balanced newsvendors, adept at harmonizing personal needs with target attainment and thus navigating decisions influenced by dual reference points; and the focused newsvendors, singularly fixated on target realization and thereby governed by a sole target reference point. Our findings reveal that the effects of target-setting in boosting expected profits on both categories of newsvendors are contingent upon the specific value attributed to their self-goal. The implications of target-setting can either yield advantages or drawbacks, contingent upon the self-goal. This asymmetry in outcomes holds true for both balanced and focused newsvendors, with the former exhibiting a higher likelihood of deriving benefits from target-setting. Moreover, an exploration of scenarios wherein a newsvendor’s self-goal may undergo updates underscores the potential for further enhancement in the performance of balanced newsvendors.
具有多个参考点的新闻供应商模式:为有抱负的新闻供应商设定目标
前景理论认为,决定结果的得失取决于参考点,从而对个人的决策过程产生重大影响。这些参照点既可以是外部目标,也可以是内部愿望(自我目标),从而形成两个潜在的候选目标。尽管越来越多的证据表明,多重参考点对决策者的选择同时产生影响,但在运营管理文献中却很少关注这一现象。有鉴于此,本研究深入探讨了作为参照点的外部目标对同时拥有明确愿望(自我目标)参照点的新闻销售商的决策和盈利能力的影响。研究介绍了两种不同的新闻销售者原型:一种是平衡型新闻销售者,他们善于协调个人需求与目标实现之间的关系,从而在双重参照点的影响下做出决策;另一种是专注型新闻销售者,他们只专注于目标实现,从而受单一目标参照点的支配。我们的研究结果表明,目标设定在提高两类新闻销售者预期利润方面的效果取决于其自我目标的具体价值。根据自我目标的不同,目标设定的影响既可能产生优势,也可能产生劣势。这种结果的不对称性对平衡型和聚焦型新闻供应商都适用,前者更有可能从目标设定中获益。此外,对新闻供应商的自我目标可能会发生更新的情况进行探讨,强调了进一步提高平衡型新闻供应商绩效的潜力。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
European Journal of Operational Research
European Journal of Operational Research 管理科学-运筹学与管理科学
CiteScore
11.90
自引率
9.40%
发文量
786
审稿时长
8.2 months
期刊介绍: The European Journal of Operational Research (EJOR) publishes high quality, original papers that contribute to the methodology of operational research (OR) and to the practice of decision making.
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