ABSTRACT

We consider a two-stage newsvendor model in which the retailer orders a product and sells it at the full price in the first stage, and sells the leftover stock, if any, at a discounted price in the second stage. The customers are strategic, who are boundedly rational and risk averse, and their valuations of the product decrease with time. The customers make purchase decisions based on their beliefs of the product’s availability and their expected utility in the two stages. The customers who purchase in the second stage may not get the product. Characterising the retailer’s optimal inventory policy, we show that the retailer’s optimal profit decreases with the rate of the customers’ decreasing product valuation. Moreover, as the customers become less rational or more risk averse, the retailer’s profit vary with the model parameters. We conduct numerical studies to examine the impacts of the customers’ bounded rationality on the retailer’s order quantity and optimal profit. In addition, considering the value of the quick response (QR) strategy, we show that the QR strategy can increase the retailer’s profit, while the customers’ bounded rationality may increase or decrease the value of QR to the retailer.

摘要

我们考虑一个两阶段报销商模型，其中零售商订购产品并在第一阶段以全价出售，并在第二阶段以折扣价出售剩余库存（如果有的话）。客户是战略性的，他们是有限理性和规避风险的，他们对产品的估值随着时间的推移而下降。客户根据他们对产品可用性和两个阶段的预期效用的信念做出购买决定。在第二阶段购买的客户可能无法获得该产品。刻画零售商的最优库存政策，我们表明零售商的最优利润随着顾客对产品估价的下降率而下降。此外，随着顾客变得不那么理性或更加厌恶风险，零售商的利润随模型参数而变化。我们进行数值研究来检验顾客的有限理性对零售商的订货量和最优利润的影响。此外，考虑到快速响应（QR）策略的价值，我们表明 QR 策略可以增加零售商的利润，而顾客的有限理性可能会增加或减少 QR 对零售商的价值。