報童問題探討季節性商品或易腐性商品在需求不確定下的單期最佳訂購量，為存貨與供應鏈管理之重要模型。雖現有研究已推導出可極大化利潤的訂購量，然而實證研究發現決策者具有系統性偏誤，其訂購量往往介於平均需求與最佳訂購量，進而導致不良的存貨管理決策。縱然學者已針對報童問題之決策偏誤進行廣泛研究，但多數研究假設決策者具有完整的需求資訊，此條件未必符合真實管理情境。因此本研究旨在透過實驗探討需求資訊對於報童問題決策之影響，研究中依決策者在進行決策時所取得之資訊以及市場需求資訊是否為受限資料（censored data）分別設計兩個實驗，並探討風險態度的調節作用。研究結果指出決策者在決策過程中要求的資訊明顯影響其訂購決策，而市場需求資訊受限與否在高利潤情況中亦顯著影響訂購量，且當需求資訊受限時，趨至均值效應（pull-to-center effect）在高利潤決策情境中益發顯著，而低利潤決策情境中則相對減緩。此外，可能因錨定於前期需求之作用，研究結果指出風險態度無明顯調節效應。相較於過去研究多採用完整的需求資訊，本研究考量決策資訊之可得性以及受限需求資訊等，更符合實際管理情境，其結果可供企業管理者之重要決策參考。

The newsvendor problem, an inventory decision problem under uncertain demand for a perishable product, is a fundamental model in inventory and supply chain management. Extensive studies regarding optimal order quantities that maximize expected profits have been conducted. However, a growing number of studies pointed out that inventory or order quantities made by the decision makers systematically deviated from those that maximize expected profits, and a pull-to-center (PtC) effect has been observed (i.e., the order quantity tends to fall between mean demand and the normative order quantity). This systematic bias leads to non-optimal or suboptimal inventory decisions. Although scholars in this field have conducted extensive research on the decision bias in the newsvendor problem, most studies assumed that decision makers have comprehensive demand information, which does not accurately reflect real-world decision making. Therefore, the purpose of this study is to explore the impact of demand information on newsvendor decision making behavior. We conducted two experiments, one focuses on the availability of information and one focuses on censored demand, to investigate decision biases. We also considered risk attitude as a possible covariate. Results of this study show that the availability of information significantly affect the order quantity. Whether market demand is censored or not also has a significant effect in high profit condition. In particular, when the demand information is censored, the PtC effect becomes even more significant in high-profit condition, and becomes less significant in low-profit condition. However, no obvious moderating effect of risk attitude is observed. Comparing with the previous experimental research where participates usually are given comprehensive demand information, results of this study can better help the practitioners in the field to improve their decision making.

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