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In this paper, the problem of newsboy containing defective products with loss probability aversion and loss aversion is studied. The foreground value function is established. The concavity of the function is proved. The necessary conditions for the optimal order quantity to meet is revealed. Through compare static analysis we can get: the order quantity increases with increasing emphasis on the outcome of extreme monetization, and vice versa. An example is given to analyze the effect of loss sensitivity on the optimal order quantity. The results show that as the loss sensitivity increases, the optimal order quantity decreases and its foreground value decreases, and vice versa. Introduction As demand is diversified and personalized, and production technology advances, the life cycle of goods is shortened and demand is harder to predict. A large number of behavioral and psychological experiments revealed that in the face of risk, people generally relied on reference dependence, symbol dependence and rankings in the cognitive processes and psychological emotions of the human brain. The experimental results show that people have the effect of reference dependence on the change of the value of the risk result and the symbol-dependent effect of having the same amount of loss experience higher than the equal amount of profit. The decision-making weight of the risk result depends not only on the probability of the result but also depends on the rank-dependent effect of the outcome probabilities, and people tend to have the sign-dependent effect that the decision-making weight of loss is higher than the profit. Therefore, whether we can correctly describe and express the VaR of the actual decision makers and explore their behavior rules will have a significant impact on the correct formulation of business decisions by the enterprises. Domestic and foreign scholars have analyzed the influence of newsboy's risky result referencing dependent behavior on ordering strategy, but there are few reports on the research results about the risk decision weighting symbolic dependence and rank-dependent behavior of newsboy. Schweitzer & Cachon studied the optimal order decision-making problem of the newspaper boy with loss aversion and found that the optimal order quantity of newspaper boy with loss aversion behavior was lower than that of the risk neutral newspaper boy. Wang & Webster considered the out-of-stock cost, studied the optimal ordering strategy of the newspaper boy with loss aversion and found that when the out-of-stock cost is high, the order quantity of the newspaper boy with loss aversion behavior will be higher than that of the risk-neutral case. Shen researched the problem of custom parts purchase with loss aversion. Geng studied a more general value function and used the S-index utility function to characterize the optimal behavior of loss-averse decision-makers. Our results also show that order-losers of decision-makers with loss aversion are lower than order-makers of risk-neutral policy makers. In summary, the research on the newsboy's risk behavior mainly focuses on the reference-dependent behavior of the judgment of the value of the risk outcome. In this paper, the rank-dependent and symbol-dependent effects of the decision-maker's risk outcome decision-making weight are incorporated into the newsboy model in order to reveal the Newsboy behavior containing defective products with probability of loss aversion and loss probability.

Study on the Newsboy Containing Defective Products with Loss Probability Aversion and Loss Aversion