文献类型： 外文期刊

作者： Yan, Houmin ¹ ; Yano, Candace Arai ² ; Zhang, Hanqin ⁴ ;

作者机构： 1.City Univ Hong Kong, Dept Management Sci, Hong Kong, Peoples R China

2.Univ Calif Berkeley, IEOR Dept, Berkeley, CA 94720 USA

3.Univ Calif Berkeley, Haas Sch Business, Berkeley, CA 94720 USA

4.Natl Univ Singapore, Sch Business, Dept Analyt & Operat, Singapore, Singapore

关键词： periodic review inventory models; earnings targets; chance constraints; accrual accounting

期刊名称：PRODUCTION AND OPERATIONS MANAGEMENT （ 影响因子：4.965； 五年影响因子：5.298 ）

ISSN： 1059-1478

年卷期： 2019 年 28 卷 6 期

页码：

收录情况： SCI

摘要： Managers seek to meet quarterly profit targets because missing a target affects both the stock price and bonuses. To capture how these targets can affect a retailer's procurement decisions, we analyze a periodic-review inventory model with a chance constraint in each period that requires meeting a profit target with a given probability, while maximizing expected profit. Corporate profits are reported using accrual accounting, but inventory models typically use cash-basis accounting. We consider both methods. The optimal policy under accrual accounting is quite complicated, involving a state-dependent disposal policy, so we focus on the class of policies in which, in each period, the disposal quantity is increasing in the remaining inventory after demand has occurred, and show that the optimal policy consists of an order-up-to level and a dispose-down-to level in each period. These values may depend upon the constraint in that period and in all subsequent periods, so each constraint may have far-reaching effects. We also derive the optimal policy under cash-basis accounting for the infinite horizon stationary case and find that it is state- and demand dependent, even in this "easy" case. We offer insights into how the chance constraints affect the optimal procurement decisions and profits under both accounting schemes, and show that the chance constraints can lead to perverse behavior under cash-basis accounting.