The Experts below are selected from a list of 1018539 Experts worldwide ranked by ideXlab platform
Martin Dresner - One of the best experts on this subject based on the ideXlab platform.
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the inventory Value of Information sharing continuous replenishment and vendor managed inventory
Transportation Research Part E-logistics and Transportation Review, 2008Co-Authors: Martin DresnerAbstract:In this paper, we extend the models in the literature [Lee, H.L., So, K.C., Tang, C., 2000. The Value of Information sharing in a two-level supply chain. Management Science 46 (5), 626-643; Raghunathan, S., Yeh, A.B., 2001. Beyond EDI: impact of continuous replenishment program (CRP) between a manufacturer and its retailers. Information Systems Research 12 (4), 406-419] to analyze the benefits realized for manufacturers and retailers under Information sharing (IS), continuous replenishment programs (CRP) or vendor managed inventory (VMI) and compare the distribution of benefits between manufacturers and retailers. Our analysis shows that IS, CRP, and VMI bring varying benefits in terms of inventory cost savings to firms, and that the benefits are not consistently distributed between retailers and manufacturers. Our findings also point to the managerial implications on how managers may decide the product sets and replenishment frequency for improved benefit realization under CRP and VMI.
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the inventory Value of Information sharing continuous replenishment and vendor managed inventory
Transportation Research Part E-logistics and Transportation Review, 2008Co-Authors: Yuliang Yao, Martin DresnerAbstract:In this paper, we extend the models in the literature [Lee, H.L., So, K.C., Tang, C., 2000. The Value of Information sharing in a two-level supply chain. Management Science 46 (5), 626-643; Raghunathan, S., Yeh, A.B., 2001. Beyond EDI: impact of continuous replenishment program (CRP) between a manufacturer and its retailers. Information Systems Research 12 (4), 406-419] to analyze the benefits realized for manufacturers and retailers under Information sharing (IS), continuous replenishment programs (CRP) or vendor managed inventory (VMI) and compare the distribution of benefits between manufacturers and retailers. Our analysis shows that IS, CRP, and VMI bring varying benefits in terms of inventory cost savings to firms, and that the benefits are not consistently distributed between retailers and manufacturers. Our findings also point to the managerial implications on how managers may decide the product sets and replenishment frequency for improved benefit realization under CRP and VMI.
Georgemarios Angeletos - One of the best experts on this subject based on the ideXlab platform.
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real rigidity nominal rigidity and the social Value of Information
The American Economic Review, 2016Co-Authors: Georgemarios Angeletos, Luigi Iovino, Jennifer LaoAbstract:Does welfare improve when firms are better informed about the state of the economy and can thus better coordinate their production and pricing decisions? We address this question in an elementary business-cycle model that highlights how the dispersion of Information can impede both kinds of decisions and, in this sense, be the source of both real and nominal rigidity. Within this context we develop a taxonomy for how the social Value of Information depends on the two rigidities, on the sources of the business cycle, and on the conduct of monetary policy. (JEL D21, D82, D83, E32, E52)
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real rigidity nominal rigidity and the social Value of Information
Research Papers in Economics, 2015Co-Authors: Georgemarios Angeletos, Luigi Iovino, Jennifer LaoAbstract:Does welfare improve when ?firms are better informed about the state of the economy and can better coordinate their decisions? We address this question in an elementary business-cycle model that highlights how the dispersion of Information can be the source of both nominal and real rigidity. Within this context we develop a taxonomy for how the social Value of Information depends on the two rigidities, on the sources of the business cycle, and on the conduct of monetary policy. JEL codes: C7, D6, D8. Keywords: Fluctuations, Informational frictions, strategic complementarity, coordination, beauty contests, central-bank transparency.
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efficient use of Information and social Value of Information
Econometrica, 2007Co-Authors: Georgemarios Angeletos, Alessandro PavanAbstract:This paper analyzes equilibrium and welfare for a tractable class of economies (games) that have externalities, strategic complementarity or substitutability, and heterogeneous Information. First, we characterize the equilibrium use of Information: complementarity heightens the sensitivity of equilibrium actions to public Information, raising aggregate volatility, whereas substitutability heightens the sensitivity to private Information, raising cross-sectional dispersion. Next, we define and characterize an efficiency benchmark designed to address whether the equilibrium use of Information is optimal from a social perspective; the efficient use of Information reflects the social Value of aligning choices across agents. Finally, we examine the comparative statics of equilibrium welfare with respect to the Information structure; the social Value of Information is best understood by classifying economies according to the inefficiency, if any, in the equilibrium use of Information. We conclude with a few applications, including production externalities, beauty contests, business cycles, and large Cournot and Bertrand games.
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efficient use of Information and social Value of Information
Social Science Research Network, 2007Co-Authors: Georgemarios Angeletos, Alessandro PavanAbstract:This paper analyzes equilibrium and welfare for a tractable class of economies (games) with externalities, strategic complementarity or substitutability, and heterogenous Information. First, we characterize the equilibrium use of Information; complementarity heightens the sensitivity of equilibrium actions to public Information, raising aggregate volatility, whereas substitutability heightens the sensitivity to private Information, raising cross-sectional dispersion. Next, we define and characterize an efficiency benchmark designed to address whether the equilibrium use of Information is optimal from a social perspective; the efficient use of Information reflects the social Value of aligning choices across agents. Finally, we examine the comparative statics of equilibrium welfare with respect to the Information structure; the social Value of Information is best understood by classifying economies according to the inefficiency, if any, in the equilibrium use of Information. We conclude with a few applications, including production externalities, beauty contests, business cycles, and large Cournot and Bertrand games.
Kimberly M Thompson - One of the best experts on this subject based on the ideXlab platform.
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Value of Information analysis in environmental health risk management decisions past present and future
Risk Analysis, 2004Co-Authors: Fumie Yokota, Kimberly M ThompsonAbstract:Experts agree that Value of Information (VOI) analyses provide useful insights in risk management decisions. However, applications in environmental health risk management (EHRM) remain largely demonstrative thus far because of the complexity in modeling and solving VOI problems. Based on this comprehensive review of all VOI applications published in the peer-reviewed literature of such applications, the complexity of solving VOI problems with continuous probability distributions as inputs in models emerges as the main barrier to greater use of VOI although simulation allows analysts to solve more complex and realistic problems. Several analytical challenges that inhibit greater use of VOI techniques include issues related to modeling decisions, valuing outcomes, and characterizing uncertain and variable model inputs appropriately. This comprehensive review of methods for modeling and solving VOI problems for applications related to EHRM provides the first synthesis of important methodological advances in the field. The insights provide risk analysts and decision scientists with some guidance on how to structure and solve VOI problems focused on evaluating opportunities to collect better Information to improve EHRM decisions. They further suggest the need for some efforts to standardize approaches and develop some prescriptive guidance for VOI analysts similar to existing guidelines for conducting cost-effectiveness analyses.
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Value of Information literature analysis a review of applications in health risk management
Medical Decision Making, 2004Co-Authors: Fumie Yokota, Kimberly M ThompsonAbstract:This article provides the first comprehensive review of Value of Information (VOI) analyses related to health risk management published in English in peer-reviewed journals by the end of 2001. VOI analysis represents a decision analytic technique that explicitly evaluates the benefit of collecting additional Information to reduce or eliminate uncertainty. Through a content analysis of VOI applications, this article characterizes various attributes of VOI applications, shows the evolution of the methodology and advances in computing tools that allow analysis of increasingly complex problems, and suggests the need for some standardization of reporting methods and results. The authors' analysis shows a lack of cross-fertilization across topic areas and the tendency of articles to focus on demonstrating the usefulness of the VOI approach rather than applications to actual management decisions. This article provides important insights for VOI applications in medical decision making.
Jennifer Lao - One of the best experts on this subject based on the ideXlab platform.
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real rigidity nominal rigidity and the social Value of Information
The American Economic Review, 2016Co-Authors: Georgemarios Angeletos, Luigi Iovino, Jennifer LaoAbstract:Does welfare improve when firms are better informed about the state of the economy and can thus better coordinate their production and pricing decisions? We address this question in an elementary business-cycle model that highlights how the dispersion of Information can impede both kinds of decisions and, in this sense, be the source of both real and nominal rigidity. Within this context we develop a taxonomy for how the social Value of Information depends on the two rigidities, on the sources of the business cycle, and on the conduct of monetary policy. (JEL D21, D82, D83, E32, E52)
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real rigidity nominal rigidity and the social Value of Information
Research Papers in Economics, 2015Co-Authors: Georgemarios Angeletos, Luigi Iovino, Jennifer LaoAbstract:Does welfare improve when ?firms are better informed about the state of the economy and can better coordinate their decisions? We address this question in an elementary business-cycle model that highlights how the dispersion of Information can be the source of both nominal and real rigidity. Within this context we develop a taxonomy for how the social Value of Information depends on the two rigidities, on the sources of the business cycle, and on the conduct of monetary policy. JEL codes: C7, D6, D8. Keywords: Fluctuations, Informational frictions, strategic complementarity, coordination, beauty contests, central-bank transparency.
Fumie Yokota - One of the best experts on this subject based on the ideXlab platform.
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Value of Information analysis in environmental health risk management decisions past present and future
Risk Analysis, 2004Co-Authors: Fumie Yokota, Kimberly M ThompsonAbstract:Experts agree that Value of Information (VOI) analyses provide useful insights in risk management decisions. However, applications in environmental health risk management (EHRM) remain largely demonstrative thus far because of the complexity in modeling and solving VOI problems. Based on this comprehensive review of all VOI applications published in the peer-reviewed literature of such applications, the complexity of solving VOI problems with continuous probability distributions as inputs in models emerges as the main barrier to greater use of VOI although simulation allows analysts to solve more complex and realistic problems. Several analytical challenges that inhibit greater use of VOI techniques include issues related to modeling decisions, valuing outcomes, and characterizing uncertain and variable model inputs appropriately. This comprehensive review of methods for modeling and solving VOI problems for applications related to EHRM provides the first synthesis of important methodological advances in the field. The insights provide risk analysts and decision scientists with some guidance on how to structure and solve VOI problems focused on evaluating opportunities to collect better Information to improve EHRM decisions. They further suggest the need for some efforts to standardize approaches and develop some prescriptive guidance for VOI analysts similar to existing guidelines for conducting cost-effectiveness analyses.
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Value of Information literature analysis a review of applications in health risk management
Medical Decision Making, 2004Co-Authors: Fumie Yokota, Kimberly M ThompsonAbstract:This article provides the first comprehensive review of Value of Information (VOI) analyses related to health risk management published in English in peer-reviewed journals by the end of 2001. VOI analysis represents a decision analytic technique that explicitly evaluates the benefit of collecting additional Information to reduce or eliminate uncertainty. Through a content analysis of VOI applications, this article characterizes various attributes of VOI applications, shows the evolution of the methodology and advances in computing tools that allow analysis of increasingly complex problems, and suggests the need for some standardization of reporting methods and results. The authors' analysis shows a lack of cross-fertilization across topic areas and the tendency of articles to focus on demonstrating the usefulness of the VOI approach rather than applications to actual management decisions. This article provides important insights for VOI applications in medical decision making.
