In service systems with delay-sensitive customers, the decision of customers to join the queue or balk shapes the demand function, impacting the service provider's profits. Although risk aversion is a common assumption regarding customers' attitudes toward delay, in practice, customers may...

The classical economic order quantity (EOQ) model with planned penalized backorders (PB) relies on postulating a value for the backorder penalty cost coefficient, b, which is supposed to reflect the intangible adverse effect of the future loss of customer goodwill following a stockout....