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Authors:听骋耻谤苍补苍颈,听贬补谤别蝉丑;听搁补尘补肠丑补苍诲谤补苍,听碍补谤迟丑颈办;听搁补测,听厂补颈产补濒;听齿颈补,听驰耻蝉别苍

笔耻产濒颈肠补迟颈辞苍:听Manufacturing and Service Operations Management

Abstract:听

As supply chains become increasingly complex and global in their scale, supplier selection and management in the face of disruption risk has become one of the most challenging tasks for modern managers. Several novel model-based approaches to managing such risks have been developed in the academic literature, but how behavioral tendencies may affect procurement decisions under such conditions has received relatively less attention. In this paper, we present results from a study where paid subjects were asked to place orders from two suppliers who differ in their costs and risks to satisfy a fixed amount of end-customer demand. We show that under such a scenario, it is theoretically optimal to sole source either from the more reliable (and more costly) supplier or from the more risky but cheaper supplier, depending on cost and risk parameters. Subjects in our experiment, however, show a systematic tendency to diversify their orders between the two sources. We document this diversification tendency in procurement decisions and its possible impact on profits under various cost and risk settings as well as comment on various ordering behavior observed during the experiments. We also establish that bounded rationality of subjects can provide a possible rationale for the above phenomenon. 漏 2014 INFORMS.