简介:Inthispaper,weconsideranewsvendormodelinwhicharisk-aversemanagerfacesastochasticprice-dependentdemandineitheranadditiveoramultiplicativeform.Anemergencypurchaseoptionisallowedaftertherealizationofdemandtosatisfytheunitsthatareshort.Byadoptingconditionalvalue-at-risk(CVaR)asthedecisioncriterion,weaimtoinvestigatetheoptimalpricingandorderingdecisions,andtheeffectsofparameterchangesinsuchasetting.Weprovidesufficientconditionsfortheuniquenessoftheoptimalpolicyforbothdemandmodels.Weperformcomparativestaticsanalysistoshowhowtheoptimalpricingandorderingdecisionbehaveswhenchangingparameters.WealsocompareourresultswiththoseofthenewsvendorwithageneralutilityfunctionandwithCVaRcriterionunderlostsalesassumption.Ourkeyresultsinclude:(i)Forbothdemandmodels,theoptimalsellingpriceisdecreasinginriskaversion.Hence,theoptimalpriceofarisk-aversenewsvendorisnotgreaterthantheoptimalpriceofarisk-neutralnewsvendor.(ii)Incontrarytothelostsalescase,forthemultiplicativedemandmodel,theoptimalorderquantitymaynotbemonotonicinriskaversion.Consequently,theoptimalrisk-averseorderquantitymaybelowerorhigherthantheoptimalrisk-neutralcounterpart.(iii)Fortheadditivemodel,theoptimalorderquantityisstrictlyincreasingintheemergencypurchaseprice,whileforthemultiplicativemodeltheoptimalorderquantityhasnosuchamonotonicproperty.Somenumericalexamplesareconductedtoverifyourclaimsandgainmoreinsightsabouttherisk-aversedecision-makingbehaviors.
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