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The principal-agent problem in supply chain management – the simulation based framework

Siuta Kinga, Kaszyński Daniel

Control and Cybernetics

2021

Vol. 50, No. 1

195--221

This research deals with a phenomenon well-known in socio-economic studies and referred to as the Agency Theory: the principal-agent problem. The agent is designated to act on behalf of the company owner, i.e., the principal, in the domain of supply chain management in the face of a supplier’s default uncertainty. Each of the players is gain-oriented, but their objective functions and the degree of risk-bearing may significantly differ, leading to an agent’s decisions not being optimal in terms of the principal’s outcome. This article proposes a multi-period supply chain simulation model that can be used to perform a supply chain optimization and comparison between the agent and the principal. The proposed framework allows for differentiating the model parametrization depending on the industry, in particular the consequences of the inability to deliver the end product, costs of keeping safety stocks, or the uncertainty regarding the suppliers’ delivery failure. As players’ objective functions, we consider expected profit-based indicators and measures taking the inter-period variance into account. We find that the agent’s actions may diverge from the principal’s optimum if the agent’s incentive system is not selected correctly. We also propose a solution that unifies the goals of the players. The recent COVID-19 pandemic amplifies the importance of such research. Many companies had to limit production capacities due to global lockdowns and, per the JIT production strategy, the prior safety stock levels were low.

Relations between risk attitudes, culture and the endowment effect

Kolnhofer-Derecskei A.

Engineering Management in Production and Services

2018

Vol. 10, no. 4

7--20

The main purpose of this research was to examine whether systematic cross-national differences existed in risk preferences. As a part of the survey, it was also tested how the subjects decided on behalf of their friends. Considering the type of risk-taking and the role of endowment plus relevant cultural backgrounds, the answerers were grouped, and each segment could be identified. Finally, this segmentation could be correlated with behaviour in risk decisions. Here, the Allais situation was used testing respondent behaviour in risky decision-making on behalf of others. This paper used the validated DOSPERT Scale, measuring risk perceptions and risk preferences of international students (n=244). The used survey contained different risk attitudes depending on decision making and involved the following criteria: Ethical, Financial, Health or Safety, Recreational, and Social Risks. Applying the DOSPERT Scale, differences were also found between ‘Risk-Taking’, ‘Risk-Perceptions’, and ‘Expected Benefits’. This result can be explained by different risk attitudes particular to people making decisions involving measured risks. At the same time, thanks to the worldwide sample, this paper focused on cultural differences and observed the impact of different cultural backgrounds on risk-taking. Comparing personal traits with Hofstede’s cultural UAI (Uncertainty Avoidance Index) helped us understand deeper cultural influences. The sample was widely heterogeneous, which led to some changes in the original research question and provided a new method in the conceptual model. Based on the state of the art, a conceptual model was deduced, three hypotheses were tested, and three various segments were identified regarding the personal DOSPERT (Domain-Specific Risk-Taking Scale) Risk Preferences. In the second part of the paper, Personal Risk Preferences were connected and tested not only using the national culture background but also attitudes towards the endowment. Although there was no significant correlation between the distribution of risk perception, the styles of each role might show how the cultural heritage impacts various decisions and risk levels.