This paper studies a loss-averse newsvendor problem with reference dependence, where both demand and yield rate are stochastic. We obtain the loss-averse newsvendor’s optimal ordering policy and analyze the effects of loss aversion, reference dependence, random demand and yield on it. It is shown that the loss-averse newsvendor’s optimal order quantity and expected utility decreases in loss aversion level and reference point. Then, that this order quantity may be larger than the risk-neutral one’s if the reference point is less than a negative threshold. In addition, although the effect of random yield leads to an increase in the order quantity, the loss-averse newsvendor may order more than, equal to or less than the classical one, which significantly depends on loss aversion level and reference point. Numerical experiments were conducted to demonstrate our theoretical results.

中文翻译：

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带有随机收益率和参考依赖的规避损失的新闻商人问题

本文研究了具有参考依赖的规避损失的新闻供应商问题，其中需求和收益率都是随机的。我们获得了规避损失的新闻供应商的最优排序策略，并分析了规避损失，参考依赖，随机需求和收益对其的影响。结果表明，规避损失的卖主的最优订货量和期望效用在规避损失的水平和参考点上降低了。然后，如果参考点小于负阈值，则该定单数量可能大于风险中性定单数量。另外，尽管随机收益的影响导致定单数量的增加，但厌恶损失的新闻供应商的订购量可能大于，等于或小于经典的，这很大程度上取决于损失的厌恶程度和参考点。