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Newsvendor Models with Alternative Risk Preferences Within Expected Utility Theory and Prospect Theory Frameworks

In: Handbook of Newsvendor Problems

Author

Listed:
  • Charles X. Wang

    (State University of New York)

  • Scott Webster

    (Syracuse University)

  • Sidong Zhang

    (Tongji University)

Abstract

Newsvendor models are widely used in the literature, and usually based upon the assumption of risk neutrality. Recently there is a growing body of literature that attempts to use alternative risk preferences rather than risk neutrality to describe the newsvendor decision-making behavior. In this chapter, we provide an overview of newsvendor models with alternative risk preferences within the expected utility theory and prospect theory frameworks and identify some directions for future research.

Suggested Citation

  • Charles X. Wang & Scott Webster & Sidong Zhang, 2012. "Newsvendor Models with Alternative Risk Preferences Within Expected Utility Theory and Prospect Theory Frameworks," International Series in Operations Research & Management Science, in: Tsan-Ming Choi (ed.), Handbook of Newsvendor Problems, edition 127, chapter 0, pages 177-196, Springer.
    • Handle: RePEc:spr:isochp:978-1-4614-3600-3_7
    DOI: 10.1007/978-1-4614-3600-3_7
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    Cited by:

    1. Silbermayr, Lena, 2020. "A review of non-cooperative newsvendor games with horizontal inventory interactions," Omega, Elsevier, vol. 92(C).
    2. Helena Gaspars-Wieloch, 2017. "Newsvendor problem under complete uncertainty: a case of innovative products," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 25(3), pages 561-585, September.
    3. Sri Vanamalla Venkataraman & Dereje Asfaw, 2020. "Buyback contract under asymmetric information about retailer’s loss aversion nature," Annals of Operations Research, Springer, vol. 295(1), pages 385-409, December.
    4. Jammernegg, Werner & Kischka, Peter & Silbermayr, Lena, 2024. "Risk preferences, newsvendor orders and supply chain coordination using the Mean-CVaR model," International Journal of Production Economics, Elsevier, vol. 270(C).

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