{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,11,7]],"date-time":"2025-11-07T09:44:26Z","timestamp":1762508666428,"version":"3.41.2"},"reference-count":44,"publisher":"Emerald","issue":"4","license":[{"start":{"date-parts":[[2021,12,23]],"date-time":"2021-12-23T00:00:00Z","timestamp":1640217600000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["K"],"published-print":{"date-parts":[[2023,3,24]]},"abstract":"<jats:sec><jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title><jats:p>This work examines the joint pricing and ordering (JPO) decisions for a loss-averse retailer with quantity-oriented reference point (RP) effect under demand uncertainty.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>The demand is assumed to be uncertain with the mean and variance as the only known information. The prospect theory is used to model the retailer's expected utility. An expected utility maximization model in the distribution-free approach (DFA) is then developed. Using duality theory, the expected utility under the worst-case distribution is transformed into tractable piece-wise functions. To examine the effectiveness of the DFA in coping with the demand uncertainty, a stochastic programming model is developed and its solutions are used as benchmarks.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p>The proposed model and solution approach can effectively hedge against the demand uncertainty. The JPO decisions are significantly influenced by the LA coefficient and the reference level. The LA has a stronger influence than the reference level does on the expected utility. An excessive LA is detrimental while an appropriate reference level is beneficial to the retailer.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Practical implications<\/jats:title><jats:p>The results of this work are applicable to loss-averse retailers with the quantity-oriented RP when making JPO decisions with difficulty in predicting the demands.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>The demand is assumed to be uncertain in this work, but a certain demand distribution is usually assumed in the existing literature. The DFA is used to study JPO decisions for the loss-averse retailer with quantity-oriented RP effect under the uncertain demand.<\/jats:p><\/jats:sec>","DOI":"10.1108\/k-06-2021-0436","type":"journal-article","created":{"date-parts":[[2021,12,22]],"date-time":"2021-12-22T13:22:26Z","timestamp":1640179346000},"page":"1294-1324","source":"Crossref","is-referenced-by-count":9,"title":["Joint pricing and ordering decisions for a loss-averse retailer with quantity-oriented reference\u00a0point effect and demand\u00a0uncertainty: a\u00a0distribution-free approach"],"prefix":"10.1108","volume":"52","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-7669-8789","authenticated-orcid":false,"given":"Yue","family":"Yu","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0001-5845-1347","authenticated-orcid":false,"given":"Ruozhen","family":"Qiu","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0001-8503-9761","authenticated-orcid":false,"given":"Minghe","family":"Sun","sequence":"additional","affiliation":[]}],"member":"140","published-online":{"date-parts":[[2021,12,23]]},"reference":[{"key":"key2023032417270197500_ref001","doi-asserted-by":"crossref","first-page":"250","DOI":"10.1016\/j.cie.2016.11.026","article-title":"Risk-averse multi-product selective newsvendor problem with different market entry scenarios under CVaR criterion","volume":"103","year":"2017","journal-title":"Computers and Industrial Engineering"},{"issue":"1","key":"key2023032417270197500_ref002","doi-asserted-by":"crossref","first-page":"93","DOI":"10.1016\/j.ejor.2019.08.051","article-title":"Coordination mechanism, risk sharing, and risk aversion in a five-level textile supply chain under demand and supply uncertainty","volume":"282","year":"2020","journal-title":"European Journal of Operational Research"},{"key":"key2023032417270197500_ref003","doi-asserted-by":"crossref","first-page":"625","DOI":"10.1016\/j.cie.2018.11.004","article-title":"Stochastic optimization models for joint pricing and inventory replenishment of perishable products","volume":"127","year":"2019","journal-title":"Computers and Industrial Engineering"},{"key":"key2023032417270197500_ref004","doi-asserted-by":"crossref","first-page":"343","DOI":"10.1016\/j.tre.2019.10.003","article-title":"Pricing and ordering by a loss averse newsvendor with reference dependence","volume":"131","year":"2019","journal-title":"Transportation Research Part E"},{"key":"key2023032417270197500_ref005","doi-asserted-by":"crossref","first-page":"161","DOI":"10.1016\/j.cor.2016.11.002","article-title":"Distribution-free approach for stochastic joint-replenishment problem with backorders-lost sales mixtures, and controllable major ordering cost and lead times","volume":"79","year":"2017","journal-title":"Computers and Operations Research"},{"key":"key2023032417270197500_ref006","article-title":"Assortment optimisation problem: a distribution-free approach","volume":"95","year":"2020","journal-title":"Omega"},{"key":"key2023032417270197500_ref007","doi-asserted-by":"crossref","first-page":"150","DOI":"10.1016\/j.omega.2018.08.004","article-title":"Optimal pricing in mass customization supply chains with risk-averse agents and retail competition","volume":"88","year":"2019","journal-title":"Omega"},{"key":"key2023032417270197500_ref008","doi-asserted-by":"crossref","first-page":"66","DOI":"10.1016\/j.ijpe.2019.05.021","article-title":"A risk-averse and buyer-led supply chain under option contract: CVaR minimization and channel coordination","volume":"219","year":"2020","journal-title":"International Journal of Production Economics"},{"issue":"8","key":"key2023032417270197500_ref009","doi-asserted-by":"crossref","first-page":"825","DOI":"10.1057\/jors.1993.141","article-title":"The distribution free newsboy problem: review and extensions","volume":"44","year":"1993","journal-title":"Journal of the Operational Research Society"},{"issue":"1","key":"key2023032417270197500_ref010","doi-asserted-by":"crossref","first-page":"159","DOI":"10.1007\/s12351-016-0258-5","article-title":"A closed-form solution for the distribution free continuous review integrated inventory model","volume":"18","year":"2018","journal-title":"Operational Research"},{"key":"key2023032417270197500_ref011","doi-asserted-by":"crossref","first-page":"81","DOI":"10.1016\/j.omega.2017.08.002","article-title":"The newsvendor's joint procurement and pricing problem under price-sensitive stochastic demand and purchase price uncertainty","volume":"79","year":"2018","journal-title":"Omega"},{"key":"key2023032417270197500_ref012","doi-asserted-by":"crossref","first-page":"192","DOI":"10.1016\/j.ijpe.2016.06.001","article-title":"Three-echelon supply chain coordination with a loss-averse retailer and revenue sharing contracts","volume":"179","year":"2016","journal-title":"International Journal of Production Economics"},{"key":"key2023032417270197500_ref013","doi-asserted-by":"crossref","first-page":"45","DOI":"10.1016\/j.cie.2017.09.038","article-title":"Joint pricing and inventory problem with price dependent stochastic demand and price discounts","volume":"114","year":"2017","journal-title":"Computers and Industrial Engineering"},{"issue":"2","key":"key2023032417270197500_ref014","doi-asserted-by":"crossref","first-page":"263","DOI":"10.2307\/1914185","article-title":"Prospect theory: an analysis of decision under risk","volume":"47","year":"1979","journal-title":"Econometrica"},{"issue":"4","key":"key2023032417270197500_ref015","doi-asserted-by":"crossref","first-page":"611","DOI":"10.1017\/S0269964807000356","article-title":"A mean-variance bound for a three-piece linear function","volume":"21","year":"2007","journal-title":"Probability in the Engineering and Informational Sciences"},{"key":"key2023032417270197500_ref016","doi-asserted-by":"crossref","first-page":"589","DOI":"10.1007\/s00291-016-0467-6","article-title":"Coordinated pricing and inventory decisions for perishable products","volume":"39","year":"2017","journal-title":"OR Spectrum"},{"issue":"3","key":"key2023032417270197500_ref017","doi-asserted-by":"crossref","first-page":"571","DOI":"10.1287\/msom.2018.0708","article-title":"Heterogeneity of reference effects in the competitive newsvendor problem","volume":"21","year":"2019","journal-title":"Manufacturing and Service Operations Management"},{"issue":"3","key":"key2023032417270197500_ref018","doi-asserted-by":"crossref","first-page":"944","DOI":"10.1016\/j.ejor.2017.12.035","article-title":"Internal and external reference effects in a two-tier supply chain","volume":"267","year":"2018","journal-title":"European Journal of Operational Research"},{"issue":"12","key":"key2023032417270197500_ref019","doi-asserted-by":"crossref","first-page":"3009","DOI":"10.1287\/mnsc.2014.2050","article-title":"Prospect theory explains newsvendor behavior: the role of reference points","volume":"61","year":"2015","journal-title":"Management Science"},{"issue":"1","key":"key2023032417270197500_ref020","doi-asserted-by":"crossref","first-page":"181","DOI":"10.1016\/j.ejor.2017.05.053","article-title":"Stocking and pricing decisions under endogenous demand and reference point effects","volume":"264","year":"2018","journal-title":"European Journal of Operational Research"},{"issue":"6","key":"key2023032417270197500_ref021","first-page":"3536","article-title":"Extended distribution-free newsvendor models with demand updates using experts' judgment","volume":"28","year":"2019","journal-title":"International Transactions in Operational Research"},{"issue":"2","key":"key2023032417270197500_ref022","first-page":"275","article-title":"Joint pricing and stocking decisions for a newsvendor problem with loss aversion and reference point effect","volume":"42","year":"2020","journal-title":"Managerial and Decision Economics"},{"key":"key2023032417270197500_ref023","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.ijpe.2018.08.023","article-title":"Supply chain coordination under a revenue-sharing contract with corporate social responsibility and partial demand information","volume":"205","year":"2018","journal-title":"International Journal of Production Economics"},{"key":"key2023032417270197500_ref024","doi-asserted-by":"crossref","first-page":"129","DOI":"10.1016\/j.ijpe.2016.09.026","article-title":"A risk tolerance analysis for a joint price differentiation and inventory decisions problem with demand leakage effect","volume":"183","year":"2017","journal-title":"International Journal of Production Economics"},{"issue":"3","key":"key2023032417270197500_ref025","doi-asserted-by":"crossref","first-page":"962","DOI":"10.1016\/j.ejor.2017.08.055","article-title":"On the unimodality of the price-setting newsvendor problem with additive demand under risk considerations","volume":"265","year":"2018","journal-title":"European Journal of Operational Research"},{"issue":"15","key":"key2023032417270197500_ref026","doi-asserted-by":"crossref","first-page":"5025","DOI":"10.1080\/00207543.2017.1399220","article-title":"A distribution free newsvendor model with consignment policy and retailer's royalty reduction","volume":"56","year":"2018","journal-title":"International Journal of Production Research"},{"key":"key2023032417270197500_ref027","unstructured":"Scarf, H. (1958), \u201cA min\u2013max solution of an inventory problem\u201d, in Arrow, K., Karlin, S. and Scarf, H. (Eds), Studies in Mathematical Theory of Inventory and Production, Stanford University Press, Stanford, pp.\u00a0201-209."},{"issue":"3","key":"key2023032417270197500_ref028","doi-asserted-by":"crossref","first-page":"404","DOI":"10.1287\/mnsc.46.3.404.12070","article-title":"Decision bias in the newsvendor problem with a known demand distribution: experimental evidence","volume":"46","year":"2000","journal-title":"Management Science"},{"key":"key2023032417270197500_ref029","doi-asserted-by":"publisher","DOI":"10.1108\/K-10-2020-0714","article-title":"Sustainable optimal ordering quantity for non-instantaneous deteriorating items under joint replenishment with substitution and carbon emission","year":"2021","journal-title":"Kybernetes, Article"},{"issue":"3","key":"key2023032417270197500_ref030","doi-asserted-by":"crossref","first-page":"461","DOI":"10.1002\/nav.3800220306","article-title":"A dynamic, nonstationary inventory problem for a price\/quantity setting firm","volume":"22","year":"1975","journal-title":"Naval Research Logistics Quarterly"},{"issue":"3","key":"key2023032417270197500_ref031","first-page":"481","article-title":"Modeling newsvendor behavior: a prospect theory approach","volume":"21","year":"2018","journal-title":"Manufacturing and Service Operations Management"},{"key":"key2023032417270197500_ref032","doi-asserted-by":"crossref","first-page":"132","DOI":"10.1016\/j.omega.2017.12.008","article-title":"Describing decision bias in the newsvendor problem: a prospect theory model","volume":"82","year":"2019","journal-title":"Omega"},{"issue":"3","key":"key2023032417270197500_ref033","doi-asserted-by":"crossref","first-page":"471","DOI":"10.1108\/K-02-2018-0062","article-title":"Option ordering and coordination strategies for a two-period supply chain","volume":"48","year":"2019","journal-title":"Kybernetes"},{"key":"key2023032417270197500_ref034","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.omega.2017.08.007","article-title":"Procurement strategies with quantity-oriented reference point and loss aversion","volume":"80","year":"2018","journal-title":"Omega"},{"issue":"1","key":"key2023032417270197500_ref035","doi-asserted-by":"crossref","first-page":"93","DOI":"10.1016\/j.omega.2006.08.003","article-title":"The loss-averse newsvendor problem","volume":"37","year":"2009","journal-title":"Omega"},{"key":"key2023032417270197500_ref036","doi-asserted-by":"crossref","first-page":"422","DOI":"10.1016\/j.ijpe.2017.08.011","article-title":"Pricing and order decisions with option contracts in the presence of customer returns","volume":"193","year":"2017","journal-title":"International Journal of Production Economics"},{"key":"key2023032417270197500_ref037","article-title":"Supply chain coordination with competing suppliers under price-sensitive stochastic demand","volume":"234","year":"2021","journal-title":"International Journal of Production Economics"},{"key":"key2023032417270197500_ref038","doi-asserted-by":"crossref","first-page":"939","DOI":"10.1007\/s10479-018-3057-y","article-title":"Optimizing constant pricing and inventory decisions for a periodic review system with batch ordering","volume":"291","year":"2020","journal-title":"Annals of Operations Research"},{"key":"key2023032417270197500_ref039","article-title":"Omnichannel supply chain operations for luxury products with conspicuous consumers","volume":"137","year":"2020","journal-title":"Transportation Research Part E"},{"key":"key2023032417270197500_ref040","doi-asserted-by":"crossref","first-page":"229","DOI":"10.1016\/j.tre.2019.06.007","article-title":"Ordering bias with two reference profits: exogenous benchmark and minimum requirement","volume":"128","year":"2019","journal-title":"Transportation Research Part E"},{"issue":"1","key":"key2023032417270197500_ref041","doi-asserted-by":"crossref","first-page":"61","DOI":"10.1287\/mnsc.2.1.61","article-title":"Inventory control and price theory","volume":"2","year":"1955","journal-title":"Management Science"},{"key":"key2023032417270197500_ref042","doi-asserted-by":"crossref","first-page":"99","DOI":"10.1016\/j.omega.2017.10.003","article-title":"A loss averse competitive newsvendor problem with anchoring","volume":"81","year":"2018","journal-title":"Omega"},{"key":"key2023032417270197500_ref043","doi-asserted-by":"crossref","first-page":"296","DOI":"10.1016\/j.ijpe.2017.10.024","article-title":"Coping with risk management and fill rate in the loss-averse newsvendor model","volume":"195","year":"2018","journal-title":"International Journal of Production Economics"},{"issue":"3","key":"key2023032417270197500_ref044","doi-asserted-by":"crossref","first-page":"1008","DOI":"10.1007\/s10957-016-0870-9","article-title":"Robust optimization for the loss-averse newsvendor problem","volume":"171","year":"2016","journal-title":"Journal of Optimization Theory and Applications"}],"container-title":["Kybernetes"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/K-06-2021-0436\/full\/xml","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/K-06-2021-0436\/full\/html","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,7,24]],"date-time":"2025-07-24T21:48:50Z","timestamp":1753393730000},"score":1,"resource":{"primary":{"URL":"http:\/\/www.emerald.com\/k\/article\/52\/4\/1294-1324\/259636"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2021,12,23]]},"references-count":44,"journal-issue":{"issue":"4","published-online":{"date-parts":[[2021,12,23]]},"published-print":{"date-parts":[[2023,3,24]]}},"alternative-id":["10.1108\/K-06-2021-0436"],"URL":"https:\/\/doi.org\/10.1108\/k-06-2021-0436","relation":{},"ISSN":["0368-492X"],"issn-type":[{"type":"print","value":"0368-492X"}],"subject":[],"published":{"date-parts":[[2021,12,23]]}}}