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Research on Newsboy Ordering Decision Based on Bounded Rationality

Author: ZhangXiangYang
Tutor: ZhouGang
School: Tianjin University
Course: Management Science and Engineering
Keywords: Newsboy problem Bounded Rationality Behavior inventory
CLC: C934
Type: Master's thesis
Year: 2012
Downloads: 3
Quote: 0
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Abstract


With the advancement of science and technology, the external competitiveenvironment of enterprises is becoming increasingly fierce, product life cycles aregetting shorter, and many products only have once ordering opportunity in their lifecycle. In order to achieve the strategic goals of the enterprise to maximize profits, theinventory decision-makers need to effectively manage the number of orders in thesales cycle. The newsboy model research on ordering decisions under stochasticdemand, applies to only once ordering goods within the life cycle, and therefore hasimportant practical significance. The traditional newsboy model is solved based onthe assumption that decision-makers are fully rational. However, unlessdecision-makers can obtain all information required by the decision-making process,analysis of goals decision-making program and can accurately predict every programunder different conditions; they will not be fully rational decision-making. Therefore aresearch of inventory decision under bounded behavior has important practical andtheoretical significance.First, the newsboy problem related research were reviewed, and introduced amethod for solving the basic single-product newsboy model and multi-productnewsboy model. A detailed description of the status of behavioral operationsmanagement and a detailed analysis of the decision-making three bounded behavior-security priorities, mental accounting and loss aversion in inventory managersordering decisions are made.Then this paper research on newsboy model with single products based on thebounded rationality. Considered single product newsboy ordering model with lossconstraint, and proved the existence of the optimal solution, and analyzedtheoretically the impact of the loss aversion coefficient on the amount of inventorymanagers ordering; further security priorities behavioral factors added to the model.Finally, this paper established a multi-product newsboy model of fundingconstraints under bounded rationality of the decision-makers; the model took intoaccount the inventory manager of security priorities, mental accounting and lossaversion behavior of ordering decisions. In view of the complexity of the solution,using simulated annealing penalty function method to handle constraints, and using genetic algorithm to solve the problem.

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