Personality Characteristics and Anchoring Effect in the Newsvendor Problem: A Laboratory Study
- 10.2991/assehr.k.211209.432How to use a DOI?
- newsvendor model; MBTI; order decision; anchoring effect; experiment
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.
- © 2021 The Authors. Published by Atlantis Press International B.V.
- Open Access
- This is an open access article under the CC BY-NC license.
Cite this article
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 -