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Investigating the Impact of Risk Averse Behavior Considering Bounded Rationality on Centralized and Decentralized Supply Chain Performance

Rezaei, Alborz | 2024

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  1. Type of Document: M.Sc. Thesis
  2. Language: Farsi
  3. Document No: 57774 (44)
  4. University: Sharif University of Technology
  5. Department: Management and Economics
  6. Advisor(s): Khalili Nasr, Arash
  7. Abstract:
  8. In the field of supply chain management, understanding the impact of centralized and decentralized decision-making approaches on overall performance is highly important, especially in environments characterized by uncertainty and complexity. This study introduces an innovative approach by incorporating uncertainty into the NK model framework, a model traditionally used for analyzing interdependencies and adaptability in complex systems. Through this, the research examines the dynamic interactions within supply chains under various levels of uncertainty and complexity, offering a more realistic simulation of real-world conditions. The results show that adding uncertainty to the model significantly impacts the optimal decision-making strategy, with centralized approaches performing better in environments without uncertainty, while decentralized strategies offer greater flexibility in highly uncertain environments. Furthermore, by conceptualizing risk-aversion behavior within this model, significant insights are provided regarding the influence of different attitudes towards risk on supply chain performance. Based on the findings, it is suggested that organizations dynamically adjust their strategies according to specific levels of uncertainty. This innovative application of the NK model not only enhances our understanding of supply chain dynamics but also offers practical recommendations for improving supply chain performance and efficiency. This study contributes to the field of supply chain management by offering a new perspective on how to optimize decision-making processes and better align them with the inherent complexities and uncertainties of real-world scenarios
  9. Keywords:
  10. Supply Chain Management (SCM) ; Risk Aversion Programming ; Bounded Rationality ; Agent Based Simulation ; Behavioral Supply Chain Management

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