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Supply option contracts with spot market and demand information updating

文献类型：期刊论文

作者Zhao, Yingxue1; Choi, Tsan-Ming2; Cheng, T. C. E.3; Wang, Shouyang4
刊名EUROPEAN JOURNAL OF OPERATIONAL RESEARCH
出版日期2018-05-01
卷号266期号:3页码:1062-1071
关键词Supply chain management Supply chain contract Option contract Spot market Demand information updating
ISSN号0377-2217
DOI10.1016/j.ejor.2017.11.001
英文摘要Motivated by the industrial practices, this paper develops a two-stage model to explore the supply option contract in a two-echelon supply chain, taking into account a stochastic spot market and demand information updating of general correlation. We develop a concept called EUOS (expected unit opportunity saving) by which to examine the expected benefit received per unit of the option under different market scenarios. With the concept of EUOS, we develop intuitive analytical results to characterize the optimal strategies for portfolio procurement via the option contract and spot markets, and to design the appropriate option mechanism for supply chain coordination. Furthermore, we reveal that EUOS can be a viable alternative for real option pricing in the supply chain. Detailed comparisons between the mixed market scenario (in which the spot market and the option contract market co-exist) and the scenario with pure spot market or pure option contract market are made, and thereby we analytically examine the effects of supply competition between the spot market and the option contract market. Our paper contributes to the literature by developing intuitive characterizations for the option contract models and generating some new insights with respect to the use of supply option contracts in the supply chain in the presence of a stochastic spot market and demand information updating. (C) 2017 Elsevier B.V. All rights reserved.
资助项目National Natural Science Foundation of China[71371052] ; Hong Kong Polytechnic University (G-YBGR)
WOS研究方向Business & Economics ; Operations Research & Management Science
语种英语
WOS记录号WOS:000423636700020
出版者ELSEVIER SCIENCE BV
源URL[http://ir.amss.ac.cn/handle/2S8OKBNM/29430]  
专题系统科学研究所
通讯作者Choi, Tsan-Ming
作者单位1.Univ Int Business & Econ, Sch Int Trade & Econ, Beijing 100029, Peoples R China
2.Hong Kong Polytech Univ, Inst Text & Clothing, Kowloon, Hong Kong, Peoples R China
3.Hong Kong Polytech Univ, Dept Logist & Maritime Studies, Kowloon, Hong Kong, Peoples R China
4.Chinese Acad Sci, Acad Math & Syst Sci, Inst Syst Sci, Beijing 100190, Peoples R China
推荐引用方式
GB/T 7714		 Zhao, Yingxue,Choi, Tsan-Ming,Cheng, T. C. E.,et al. Supply option contracts with spot market and demand information updating[J]. EUROPEAN JOURNAL OF OPERATIONAL RESEARCH,2018,266(3):1062-1071.
APA Zhao, Yingxue,Choi, Tsan-Ming,Cheng, T. C. E.,&Wang, Shouyang.(2018).Supply option contracts with spot market and demand information updating.EUROPEAN JOURNAL OF OPERATIONAL RESEARCH,266(3),1062-1071.
MLA Zhao, Yingxue,et al."Supply option contracts with spot market and demand information updating".EUROPEAN JOURNAL OF OPERATIONAL RESEARCH 266.3(2018):1062-1071.

入库方式： OAI收割

来源：数学与系统科学研究院

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