TITLE:
A Review of Researches on the Influence of Reference Points on Newsvendor Behavior Decision
AUTHORS:
Yuyu Su, Liyang Xiong
KEYWORDS:
Newsvendor Decisions, Reference Points, Decision Bias, Status Quo, Minimum Requirement, Goal
JOURNAL NAME:
American Journal of Industrial and Business Management,
Vol.10 No.3,
March
30,
2020
ABSTRACT: This article reviews the related literature on the impact of reference points on newsvendor behavior decision-making, including two parts: related research on reference effects and research on newsvendor behavior decision-making. Research shows that decision makers are affected by reference points when making decisions, such as status quo (SQ), minimum requirement (MR), and goal (G). At the same time, in the inventory management scenario, decision biases can occur due to the existence of reference points. In addition, each reference point has different influences on the behavior decision of the newsvendor.