Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)

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

Authors
Wenmin Han1, *, Min Huang, Wenhui Niu
1Enter Author Affiliation 1 Jiangsu University of Science and Technology, Zhenjiang, Jiangsu, 212000,China
*Corresponding author. Email: 2238344661@qq.com
Corresponding Author
Wenmin Han
Available Online 15 December 2021.
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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Volume Title
Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
Series
Advances in Economics, Business and Management Research
Publication Date
15 December 2021
ISBN
978-94-6239-483-4
ISSN
2352-5428
DOI
10.2991/assehr.k.211209.432How to use a DOI?
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.

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  -