Exploring Framing Effects in Inventory Control Decisions: Violations of Procedure Invariance

• 成果类型: Article
• 署名作者: Tokar, Travis; Aloysius, John; Waller, Matthew; Hawkins, Doyle L.
• 署名单位: Texas Christian University; University of Arkansas System; University of Arkansas Fayetteville; University of Texas System; University of Texas Arlington
• 刊物名称: PRODUCTION AND OPERATIONS MANAGEMENT
• ISSN/ISSBN: 1059-1478
• DOI: 10.1111/poms.12430
• 发表日期: 2016
• 页码: 306-329
• 关键词: Supply Chain Management; Newsvendor Problem; RISK; BEHAVIOR; INFORMATION; IMPACT; LEVEL; consequence; ECONOMICS; feedback

摘要

Recent research on decision framing has shown that (i) there are multiple types of framing effects and (ii) the context of the decision can influence framing effects. This research examines decision framing effects in inventory control contexts by questioning the assumption of procedure invariance, that preference should not be impacted by how options are presented to a supply chain manager making an inventory control decision. Study 1 uses three single-shot decision experiments to establish that all three types of framing effects identified by Levin etal. () apply in basic inventory control contexts. Results were consistent with theory in all three cases. Given this evidence that framing effects have potential to impact inventory control decisions, two laboratory experiments in Study 2 utilize multi-period decision tasks to demonstrate that framing effects can impact performance in a dynamic inventory decision setting similar to practice. One of the experiments in Study 2 was conducted with student subjects, while the other with inventory managers from a large retail firm. Results from both experiments provide evidence that even when initial framing effects on order quantities fade, there can be longer term effects on inventory levels and performance. Furthermore, these effects are robust to education and professional experience. The findings suggest that although a manager might select appropriate inventory control metrics, prudence must be exercised in the presentation of these metrics, and that mere presentation can be used to alleviate known human biases in inventory control decisions.