Individual differences in the newsvendor problem: Behavior and cognitive reflection
Previous research has shown that when solving a newsvendor problem, individuals systematically and persistently deviate from the profit maximizing quantity. This paper investigates the relationship between cognitive reflection and newsvendor decision making, testing experienced supply chain professi...
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| Published in | Journal of operations management Vol. 31; no. 1-2; pp. 72 - 85 |
|---|---|
| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
Chicago
Elsevier B.V
01.01.2013
Elsevier Wiley Subscription Services, Inc |
| Subjects | |
| Online Access | Get full text |
| ISSN | 0272-6963 1873-1317 |
| DOI | 10.1016/j.jom.2012.11.006 |
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| Abstract | Previous research has shown that when solving a newsvendor problem, individuals systematically and persistently deviate from the profit maximizing quantity. This paper investigates the relationship between cognitive reflection and newsvendor decision making, testing experienced supply chain professionals and subjects affiliated with a university business school in a newsvendor experiment. We find that in high and medium critical ratio environments, individuals with higher cognitive reflection exhibit a lower tendency to chase demand. We also find that cognitive reflection is related to task outcome measures including average expected profit, average order quantity and order quantity variance, and that cognitive reflection is a better predictor of performance than college major, years of experience, and managerial position. These results suggest that cognitive reflection contributes to an understanding of newsvendor decision-making behavior. |
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| AbstractList | Previous research has shown that when solving a newsvendor problem, individuals systematically and persistently deviate from the profit maximizing quantity. This paper investigates the relationship between cognitive reflection and newsvendor decision making, testing experienced supply chain professionals and subjects affiliated with a university business school in a newsvendor experiment. We find that in high and medium critical ratio environments, individuals with higher cognitive reflection exhibit a lower tendency to chase demand. We also find that cognitive reflection is related to task outcome measures including average expected profit, average order quantity and order quantity variance, and that cognitive reflection is a better predictor of performance than college major, years of experience, and managerial position. These results suggest that cognitive reflection contributes to an understanding of newsvendor decision-making behavior. Previous research has shown that when solving a newsvendor problem, individuals systematically and persistently deviate from the profit maximizing quantity. This paper investigates the relationship between cognitive reflection and newsvendor decision making, testing experienced supply chain professionals and subjects affiliated with a university business school in a newsvendor experiment. We find that in high and medium critical ratio environments, individuals with higher cognitive reflection exhibit a lower tendency to chase demand. We also find that cognitive reflection is related to task outcome measures including average expected profit, average order quantity and order quantity variance, and that cognitive reflection is a better predictor of performance than college major, years of experience, and managerial position. These results suggest that cognitive reflection contributes to an understanding of newsvendor decision-making behavior. [PUBLICATION ABSTRACT] |
| Author | Hill, Arthur V. Moritz, Brent B. Donohue, Karen L. |
| Author_xml | – sequence: 1 givenname: Brent B. surname: Moritz fullname: Moritz, Brent B. email: bmoritz@psu.edu organization: Department of Supply Chain & Information Systems, Smeal College of Business, Penn State University, 469 Business Building, University Park, PA 16082, USA – sequence: 2 givenname: Arthur V. surname: Hill fullname: Hill, Arthur V. email: ahill@umn.edu organization: Supply Chain & Operations Department, Curtis L. Carlson School of Management, University of Minnesota, 321 19th Avenue South, Minneapolis, MN 55455-0413, USA – sequence: 3 givenname: Karen L. surname: Donohue fullname: Donohue, Karen L. email: donoh008@umn.edu organization: Supply Chain & Operations Department, Curtis L. Carlson School of Management, University of Minnesota, 321 19th Avenue South, Minneapolis, MN 55455-0413, USA |
| BackLink | http://www.econis.eu/PPNSET?PPN=742510212$$DView this record in ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften |
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| SubjectTerms | Behavioral Operations Behavioral sciences Business schools Cognitive ability Cognitive reflection Colleges Decision making Marketing Newsvendor problem Order quantity Reflection Studies Supply chains Tasks Variance Vendors |
| Title | Individual differences in the newsvendor problem: Behavior and cognitive reflection |
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