Research On Stockout-averse Newsvendor Problem Based On CVaR Criterion And Supply Chain Coordination

The traditional newsboy model generally takes the expected return maximization or the expected loss minimization as the objective function,and assumes that the decision maker does not consider the rational person hypothesis of the risk attitude when making the decision.Later studies found that the actual decision-making behavior of decision makers often deviated from the optimal decision-making obtained by traditional newsboy problems.A large number of literatures have studied the decision-making preferences of decision makers,but most of them only study a certain decision-making preference.In actual situations,decision makers often do not only consider one type of decision preference when making decisions,but also have the influence of two or more decision preferences.Therefore,based on this background,this paper attempts to make a decision from the retailer with both risk aversion and out of stock aversion.Using the piecewise linear utility function,the out-of-stock aversion decision preference is introduced into the CVaR criterion,and the standard stockout-averse newsboy model based on CVaR criterion is constructed to study retailer's ordering strategy.At the same time,considering the two decision-making preferences of retailer,a secondary supply chain system composed of risk-neutral suppliers is constructed to find a coordination mechanism that can optimize the supply chain.The study shows that the optimal order quantity of the risk aversion retailer may increase in the selling price of the commodity(or the risk aversion coefficient)without considering stockout cost and considering the retailer's stockout-averse attitude,which may also be reduced;the stockout and risky attitude of the two factors will also affect the retailer's order decision.In addition,the optimal order quantity increases in the degree of stockout-averse attitude,and the optimal order quantity for risk aversion retailers may be greater or less than the amount ordered by the risk neutral retailer.In addition,based on the supply chain system composed of the newsboy model constructed in this paper,it is found that the independent wholesale price contract can't coordinate the supply chain,the repurchase contract can perfectly optimize the supply chain,and the revenue sharing contract can realize the coordination of the supply chain under certain conditions.