Would a risk-averse newsvendor order less at a higher selling price?

@article{Wang2009WouldAR,
  title={Would a risk-averse newsvendor order less at a higher selling price?},
  author={Charles X. Wang and Scott Webster and Nallan C. Suresh},
  journal={European Journal of Operational Research},
  year={2009},
  volume={196},
  pages={544-553}
}
We model a risk-averse newsvendor’s decision-making behavior with some commonly used classes of utility functions within the expected utility theory (EUT) framework. Under fairly general conditions of EUT, we show that a risk-averse newsvendor will order less than an arbitrarily small quantity as selling price gets larger if price is higher than a threshold value, i.e., the optimal order quantity decreases as the selling price increases. 2008 Elsevier B.V. All rights reserved. 
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