Extensive research has shown that human decision makers in operations and supply chains are often influenced by cognitive biases and social preferences, and as a consequence fail to achieve the optimal performance prescribed by normative operations theories. In this talk, we will discuss how behavioral factors affect decisions and economic outcomes in two operations management settings. In the first setting, we analyze how cognitive biases affect inventory decisions when biases are endogenously given in competition. In the second setting, we study how fairness and competition interact in a supply chain of one supplier and two retailers. In both settings, we find that the presence of competition can reverse the impact that the behavioral factors have on decision and performance in individual settings.
| Name of Speaker |
A/P Wu Yaozhong
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| Schedule |
Friday 26 Feb 2021 , 10am
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| Link | https://nus-sg.zoom.us/j/85139484987?pwd=TE1OMDNnSkwwNEwxQ2xjbTJ4MVQvUT09
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| ID | 851 3948 4987 | |
| Password | 000323 | |
| Title |
Understanding the role of behavioral factors in competitive operations and supply chains
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| Abstract |
Extensive research has shown that human decision makers in operations and supply chains are often influenced by cognitive biases and social preferences, and as a consequence fail to achieve the optimal performance prescribed by normative operations theories. In this talk, we will discuss how behavioral factors affect decisions and economic outcomes in two operations management settings. In the first setting, we analyze how cognitive biases affect inventory decisions when biases are endogenously given in competition. In the second setting, we study how fairness and competition interact in a supply chain of one supplier and two retailers. In both settings, we find that the presence of competition can reverse the impact that the behavioral factors have on decision and performance in individual settings.
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| About the Speaker |
Yaozhong Wu is an Associate Professor of Analytics and Operations at the NUS Business School. He received his Ph.D. in Technology and Operations Management from INSEAD. His main research interests are in the field of behavioral operations management. His papers have appeared in academic journals, such as Management Science, Operations Research, Manufacturing & Service Operations Management, Production and Operations Management, and Journal of Operations Management. A co-authored paper won the second place in the Wickham Skinner Awards for Best Paper Published in Production and Operations Management in 2014. Another co-authored paper won the Best Working Paper Award of the INFORMS Behavioral Operations Management Section in 2016. Currently, he serves as a senior editor for Production and Operations Management. |
