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Complexity in Procurement Decision Making.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Complexity in Procurement Decision Making./
Author:	Quiroga Gomez, Bernardo F.
Description:	1 online resource (77 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-04(E), Section: A.
Contained By:	Dissertation Abstracts International79-04A(E).
Subject:	Economics. -
Online resource:	click for full text (PQDT)
ISBN:	9780355331479

Complexity in Procurement Decision Making.
Quiroga Gomez, Bernardo F.

Complexity in Procurement Decision Making. - 1 online resource (77 pages)

Source: Dissertation Abstracts International, Volume: 79-04(E), Section: A.

Thesis (Ph.D.)--The Pennsylvania State University, 2017.

Includes bibliographical references

In the first essay, we investigate the effect of observed inventory decisions on firm performance. In particular, our goal is to measure and understand how much profit a newsvendor-type of decision maker stands to lose due to behavioral (intuitive but suboptimal) ordering. The current literature, primarily focused on a newsvendor making decisions in isolation, reports results which imply profit losses of 1-.5% when compared to the analytical solution, due to the flatness of the profit curve in the neighborhood of the optimum. In contrast, we show that in a practical situation, when a behavioral inventory decision-maker competes against a management-science-driven competitor, profit losses arc orders of magnitude larger. By considering several plausible and simple competitor policies, we demonstrate average profit losses between 22-76%, regardless of policy sophistication or embedded assumptions. Our results send a dear message to business executives and highlight the importance of considering behavioral biases in procurement.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355331479Subjects--Topical Terms:

555568
Economics.
Index Terms--Genre/Form:

554714
Electronic books.

Complexity in Procurement Decision Making.
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100 1 $a Quiroga Gomez, Bernardo F. $3 1192872
245 1 0 $a Complexity in Procurement Decision Making.
264 0 $c 2017
300 $a 1 online resource (77 pages)
336 $a text $b txt $2 rdacontent
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500 $a Source: Dissertation Abstracts International, Volume: 79-04(E), Section: A.
500 $a Advisers: V. Daniel R. Guide, Jr.; Brent B. Moritz.
502 $a Thesis (Ph.D.)--The Pennsylvania State University, 2017.
504 $a Includes bibliographical references
520 $a In the first essay, we investigate the effect of observed inventory decisions on firm performance. In particular, our goal is to measure and understand how much profit a newsvendor-type of decision maker stands to lose due to behavioral (intuitive but suboptimal) ordering. The current literature, primarily focused on a newsvendor making decisions in isolation, reports results which imply profit losses of 1-.5% when compared to the analytical solution, due to the flatness of the profit curve in the neighborhood of the optimum. In contrast, we show that in a practical situation, when a behavioral inventory decision-maker competes against a management-science-driven competitor, profit losses arc orders of magnitude larger. By considering several plausible and simple competitor policies, we demonstrate average profit losses between 22-76%, regardless of policy sophistication or embedded assumptions. Our results send a dear message to business executives and highlight the importance of considering behavioral biases in procurement.
520 $a In the second essay, we study the econometric identification of multi-attribute score auctions. Governmental agencies use score procurement auctions to incorporate other attributes beyond price in their purchase decisions. We establish nonparametric identification of bidders' independent private (pseudo )types for multi-attribute procurement where bids are evaluated using a preannounced quasi-linear-score, calculated on the basis of the submitted levels of the attributes. Hence, it is possible to extend the standard non parametric method for independent private costs sealed-bid-first-price auctions to multi-attribute score auctions by incorporating the optimal bidding structure.
520 $a In the third essay, we analyse bidding behavior in two closely related sealed-bid scenarios: One where the rule to assign the contract is transparently communicated to bidders before they submit their offers (the score auction analy7.ed in the preceding essay), and another where the assignment rule is only known to the buyer and not to the bidders (what we have called a ''multi-dimensional beauty-contest auction"). Our results show substantial losses in terms of social welfare and buyer surplus as a direct effect of transparency loss in this procurement system.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Economics. $3 555568
650 4 $a Management. $3 558618
650 4 $a Behavioral sciences. $3 1148596
655 7 $a Electronic books. $2 local $3 554714
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690 $a 0454
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710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a The Pennsylvania State University. $3 845556
773 0 $t Dissertation Abstracts International $g 79-04A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10666605 $z click for full text (PQDT)