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11.
We analyze the benefits of inventory pooling in a multi‐location newsvendor framework. Using a number of common demand distributions, as well as the distribution‐free approximation, we compare the centralized (pooled) system with the decentralized (non‐pooled) system. We investigate the sensitivity of the absolute and relative reduction in costs to the variability of demand and to the number of locations (facilities) being pooled. We show that for the distributions considered, the absolute benefit of risk pooling increases with variability, and the relative benefit stays fairly constant, as long as the coefficient of variation of demand stays in the low range. However, under high‐variability conditions, both measures decrease to zero as the demand variability is increased. We show, through analytical results and computational experiments, that these effects are due to the different operating regimes exhibited by the system under different levels of variability: as the variability is increased, the system switches from the normal operation to the effective and then complete shutdown regimes; the decrease in the benefits of risk pooling is associated with the two latter stages. The centralization allows the system to remain in the normal operation regime under higher levels of variability compared to the decentralized system. 相似文献
12.
In this article, we study how the operational decisions of a firm manager depend on her own incentives, the capital structure, and financial decisions in the context of the newsvendor framework. We establish a relationship between the firm’s cost of raising funds and the riskiness of the inventory decisions of the manager. We consider four types of managers, namely, profit, equity, firm value, and profit‐equity maximizers, and initially assume that they may raise funds to increase the inventory level only by issuing debt. We show that the shareholders are indifferent between the different types of managers when the coefficient of variation (CV) of demand is low. However, this is not the case when the CV of demand is high. Based on the demand and the firm’s specific characteristics such as profitability, leverage, and bankruptcy costs, the shareholders might be better off with the manager whose compensation package is tied to the firm value as opposed to the equity value. We, then, extend our model by allowing the manager to raise the required funds by issuing both debt and equity. For this case we focus on the equity and firm value maximizer managers and show that our earlier results (for the debt only case) still hold subject to the cost of issuing equity. However the benefit of the firm value maximizer manager over the equity maximizer manager for shareholders is considerably less in this case compared to the case where the manager can only issue debt. The Board of Directors can take these factors into consideration when establishing/modifying the right incentive package for the managers. We also incorporate the notion of the asymmetric information to capture its impact on the board of directors’ decision about the managers’ incentive package. 相似文献
13.
Cemal Eren Arbatlı Quamrul H. Ashraf Oded Galor Marc Klemp 《Econometrica : journal of the Econometric Society》2020,88(2):727-797
This research advances the hypothesis and establishes empirically that interpersonal population diversity, rather than fractionalization or polarization across ethnic groups, has been pivotal to the emergence, prevalence, recurrence, and severity of intrasocietal conflicts. Exploiting an exogenous source of variations in population diversity across nations and ethnic groups, as determined predominantly during the exodus of humans from Africa tens of thousands of years ago, the study demonstrates that population diversity, and its impact on the degree of diversity within ethnic groups, has contributed significantly to the risk and intensity of historical and contemporary civil conflicts. The findings arguably reflect the contribution of population diversity to the non-cohesiveness of society, as reflected partly in the prevalence of mistrust, the divergence in preferences for public goods and redistributive policies, and the degree of fractionalization and polarization across ethnic, linguistic, and religious groups. 相似文献
14.
Hossein Abouee‐Mehrizi Opher Baron Oded Berman David Chen 《Production and Operations Management》2019,28(9):2305-2322
Preferences for different ages of perishable products exist in many applications, including grocery items and blood products. In this paper, we study a multi‐period stochastic perishable inventory system with multiple priority classes that require products of different ages. The firm orders the product with a positive lead time and sells it to multiple demand classes, each only accepting products with remaining lifetime longer than a threshold. In each period, after demand realization, the firm decides how to allocate the on‐hand inventory to different demand classes with different backorder or lost‐sale cost. At the end of each period, the firm can dispose inventory of any age. We formulate this problem as a Markov decision process and characterize the optimal ordering, allocation, and disposal policies. When unfulfilled demand is backlogged, we show that the optimal order quantity is decreasing in the inventory levels and is more sensitive to the inventory level of fresher products, the optimal allocation policy is a sequential rationing policy, and the optimal disposal policy is characterized by n − 1 thresholds. For the lost‐sale case, we show that the optimal allocation and disposal policies have the same structure but the optimal ordering policy may be different. Based on the structure of the optimal policy, we develop an efficient heuristic with a cost that is at most 4% away from the optimal cost in our numerical examples. Using numerical studies, we show that the ordering and allocation policies are close to optimal even if the firm cannot intentionally dispose products. Moreover, ignoring the differences between demand classes and using simple allocation policy (e.g., FIFO) can significantly increase the total cost. We examine how the firm can improve the control of perishable items and show that the benefit of decreasing the lead time is more significant than that of increasing the lifetime of the products or that of decreasing the acceptance threshold of the demand. The analysis is extended to systems with age dependent disposal cost and with stochastic supply. 相似文献
15.
Despite the scientific potential and increasing popularity of web-based citizen science, low contribution from volunteers is often a major hurdle. Studies have shown that individual behavior could be altered through targeted design interventions, but little is known about the specific factors that modulate volunteers’ contributions. A particularly elusive question entails the role of social feedback, in the form of targeted notifications about the contribution of other volunteers. Based on social comparison theory, we hypothesized that (1) volunteers increase contribution when presented with information about a high-performing peer or group, and (2) volunteers conform more strongly to a group rather than to a single peer. To test whether volunteers’ contributions change due to the exposure to the contribution of a peer or group norm, we systematically varied the information presented to participants in an environmental monitoring citizen science project. Volunteers increased their contributions when they were presented with the contribution of a high-performing peer and norm, but they were not influenced by a low-performing peer or norm. Further, we found that volunteers were more likely to match the contributions of a group than that of a peer. However, when volunteers were simultaneously exposed to information about a peer and a group, the effect depended on the respective performance of the peer and group. A theoretical model was developed to explain volunteers’ response and dissect the specific role of social comparison. Our findings offer the possibility of increasing volunteers’ contributions through design interventions. 相似文献
16.
In an earlier contribution to this journal, Kauermann and Weihs (Adv. Stat. Anal. 91(4):344 2007) addressed the lack of procedural understanding in statistical consulting: “Even though there seems to be a consensus that statistical consulting should be well structured and target-orientated, the range of activity and the process itself seem to be less well-understood.” While this issue appears to be rather new to statistical consultants, other consulting disciplines—in particular management consultants—have long come up with a viable approach that divides the typical consulting process into seven successive steps. Using this model as a frame allows for reflecting the approaches on statistical consulting suggested by authors published in AStA volume 91, number 4, and for adding value to statistical consulting in general. 相似文献
17.
In the classic revenue management (RM) problem of selling a fixed quantity of perishable inventories to price‐sensitive non‐strategic consumers over a finite horizon, the optimal pricing decision at any time depends on two important factors: consumer valuation and bid price. The former is determined exogenously by the demand side, while the latter is determined jointly by the inventory level on the supply side and the consumer valuations in the time remaining within the selling horizon. Because of the importance of bid prices in theory and practice of RM, this study aims to enhance the understanding of the intertemporal behavior of bid prices in dynamic RM environments. We provide a probabilistic characterization of the optimal policies from the perspective of bid‐price processes. We show that an optimal bid‐price process has an upward trend over time before the inventory level falls to one and then has a downward trend. This intertemporal up‐then‐down pattern of bid‐price processes is related to two fundamental static properties of the optimal bid prices: (i) At any given time, a lower inventory level yields a higher optimal bid price, which is referred to as the resource scarcity effect; (ii) Given any inventory level, the optimal bid price decreases with time; that is referred to as the resource perishability effect. The demonstrated upward trend implies that the optimal bid‐price process is mainly driven by the resource scarcity effect, while the downward trend implies that the bid‐price process is mainly driven by the resource perishability effect. We also demonstrate how optimal bid price and consumer valuation, as two competing forces, interact over time to drive the optimal‐price process. The results are also extended to the network RM problems. 相似文献
18.
Firms selling goods whose quality level deteriorates over time often face difficult decisions when unsold inventory remains. Since the leftover product is often perceived to be of lower quality than the new product, carrying it over offers the firm a second selling opportunity, a product line extension to new and unsold units, and the ability to price discriminate. By doing so, however, the firm subjects sales of its new product to competition from the leftover product. We present a two period model that captures the effect of this competition on the firm's production and pricing decisions. We characterize the firm's optimal strategy and find conditions under which the firm is better off carrying all, some, or none of its leftover inventory. We also show that, compared to a firm that acts myopically in the first period, a firm that takes into account the effect of first period decisions on second period profits will price its new product higher and stock more of it in the first period. Thus, the benefit of having a second selling opportunity dominates the detrimental effect of cannibalizing sales of the second period new product. 相似文献
19.
This paper examines network systems where demand for the services of a facility originates at the nodes of the network and its magnitude depends on the shortest distance to a service-providing facility. Service systems with such features include bank branches, fastfood outlets, and grocery stores. With the assumption that demand is a Poisson-distributed random variable whose mean is an exponentially decreasing function of distance, possible locations based on two important performance measures are characterized: the expected value and the variance of the demand. Two procedures are proposed: one to find the locations with the minimum and maximum expected demand and the other to find the location(s) that provide a given level of expected demand. The procedures are illustrated by two examples. 相似文献
20.
Relative deprivation and international migration oded stark 总被引:13,自引:0,他引:13
This article provides theoretical reasoning and empirical evidence that international migration decisions are influenced by relative as well as absolute income considerations. Potential gains in absolute income through migration are likely to play an important role in households' migration decisions, but international migration by household members who hold promise for success as labor migrants can also be an effective strategy to improve a household's income position relative to others in the household's reference group. The findings reported in this article provide empirical support for the hypothesis that relative deprivation plays a significant role in Mexico-to-U.S. migration decisions. The findings also suggest that this migration is an effective mechanism for achieving income gains in households that send migrants to the U.S. and that households wisely choose as migrants those of their members who are most likely to provide net income gains. 相似文献