KMS Of Academy of mathematics and systems sciences, CAS
Decision Biases of Strategic Customers with Private Product-Value Information: An Experimental Study | |
Song, Yanan1,2; Zhao, Xiaobo3; Zhu, Wanshan3; Chen, Yefen4 | |
2019-05-01 | |
发表期刊 | PRODUCTION AND OPERATIONS MANAGEMENT |
ISSN | 1059-1478 |
卷号 | 28期号:5页码:1305-1319 |
摘要 | We consider a random number of strategic customers who compete for a limited stock of products, and decide whether to buy a product at full price now or at a discount price by waiting until the end of the selling season. This decision is not trivial, as waiting leads to not only a lower cost, but also less value due to a possible stockout caused by the limited product quantity. The equilibrium analysis of the competition game based on a theoretical model predicts that strategic customers wait for the discount price when their private product valuations at the end of the selling season are above a threshold. We conduct a laboratory experiment to study strategic customers' decisions and find that significantly fewer customers wait than predicted when the stock quantity is high, but not when the stock quantity is low. Our behavioral models with their structural estimates reveal that the strategic customers' behavior is caused by decision biases of bounded rationality and risk aversion. These findings imply that a retailer should take account of decision biases when deciding on the optimal stock quantity because the decision biases of strategic customers benefit the retailer when stock quantity is high, but may not benefit them when stock quantity is low. |
关键词 | strategic customer game experiment decision bias |
DOI | 10.1111/poms.12989 |
语种 | 英语 |
资助项目 | National Natural Science Foundation of China[71761137004] ; Postdoctoral Science Foundation of China[2017M620941] ; China Postdoctoral Science Foundation[2017LH042] ; National Natural Science of China[71501004] ; Chinese Academy of Sciences Joint Funding for Outstanding Postdoctoral Programs[2017LH042] |
WOS研究方向 | Engineering ; Operations Research & Management Science |
WOS类目 | Engineering, Manufacturing ; Operations Research & Management Science |
WOS记录号 | WOS:000467569300014 |
出版者 | WILEY |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://ir.amss.ac.cn/handle/2S8OKBNM/34656 |
专题 | 中国科学院数学与系统科学研究院 |
通讯作者 | Zhu, Wanshan |
作者单位 | 1.Univ Sci & Technol Beijing, Donlinks Sch Econ & Management, 30 Xueyuan Rd, Beijing 100083, Peoples R China 2.Chinese Acad Sci, Acad Math & Syst Sci, 55 Zhongguancun East Rd, Beijing 100190, Peoples R China 3.Tsinghua Univ, Dept Ind Engn, Beijing 100084, Peoples R China 4.Cainiao Smart Logist Network, Hangzhou 310000, Zhejiang, Peoples R China |
推荐引用方式 GB/T 7714 | Song, Yanan,Zhao, Xiaobo,Zhu, Wanshan,et al. Decision Biases of Strategic Customers with Private Product-Value Information: An Experimental Study[J]. PRODUCTION AND OPERATIONS MANAGEMENT,2019,28(5):1305-1319. |
APA | Song, Yanan,Zhao, Xiaobo,Zhu, Wanshan,&Chen, Yefen.(2019).Decision Biases of Strategic Customers with Private Product-Value Information: An Experimental Study.PRODUCTION AND OPERATIONS MANAGEMENT,28(5),1305-1319. |
MLA | Song, Yanan,et al."Decision Biases of Strategic Customers with Private Product-Value Information: An Experimental Study".PRODUCTION AND OPERATIONS MANAGEMENT 28.5(2019):1305-1319. |
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