Personality Characteristics and Anchoring Effect in the Newsvendor Problem: A Laboratory Study

DOI

10.2991/assehr.k.211209.432How to use a DOI?

Keywords

newsvendor model; MBTI; order decision; anchoring effect; experiment

Abstract

The Ordering decisions made by decision-makers are affected by their personality characteristics and uncertain market environment, and have always been focused on by scholars. This study used MBTI to classify the personality characteristics of decision-makers, and the E-prime software combined with the newsvendor model is used to simulate the ordering process of decision-makers. The experimental data are subjected to GMM regression analysis to explore the influence of the decision-maker’s personality characteristics on the ordering decision. The results show that the previous market demand has a significant impact on decision-makers in the uncertain market environment, indicating that participants have a significant anchoring effect. The order quantity of extroverted participants higher than that of introverted participants. With the increase of trials, the order quantity of the decision-maker has the obvious pull-to-center effect and stabilizes at a subjective level.

Copyright

© 2021 The Authors. Published by Atlantis Press International B.V.

Open Access

This is an open access article under the CC BY-NC license.

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TY  - CONF
AU  - Wenmin Han
AU  - Min Huang
AU  - Wenhui Niu
PY  - 2021
DA  - 2021/12/15
TI  - Personality Characteristics and Anchoring Effect in the Newsvendor Problem: A Laboratory Study
BT  - Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
PB  - Atlantis Press
SP  - 2660
EP  - 2664
SN  - 2352-5428
UR  - https://doi.org/10.2991/assehr.k.211209.432
DO  - 10.2991/assehr.k.211209.432
ID  - Han2021
ER  -