Risk premiums and certainty equivalents of loss-averse newsvendors of bounded utility
Abstract Loss-averse behavior makes the newsvendors avoid the losses more than seeking the probable gains as the losses have more psychological impact on the newsvendor than the gains. In economics and decision theory, the classical newsvendor models treat losses and gains equally likely, by disrega...
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Format: | Article |
Language: | English |
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Islamic Azad University
2019-04-01
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Series: | Journal of Industrial Engineering International |
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Online Access: | http://link.springer.com/article/10.1007/s40092-019-0312-z |