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Demand information and spot price information: Supply chains trading in spot markets
Zhao, Xuan1; Xing, Wei2; Liu, Liming3,4; Wang, Shouyang5
2015-11-01
Source PublicationEUROPEAN JOURNAL OF OPERATIONAL RESEARCH
ISSN0377-2217
Volume246Issue:3Pages:837-849
AbstractThis paper investigates the effect of information updating on the members of a two-stage supply chain in the presence of spot market. The supplier decides the contract price. New information becomes available as time progresses. The manufacturer updates his belief on demand and/or spot price and subsequently decides the contract quantity. The demand and spot price are correlated. Thus, the new demand information also updates the belief on the spot price, and vice versa. We model the problem with an information updating Stackelberg game and derive unique equilibrium strategies. Previous studies have considered only the demand information and concluded that improved demand information always benefits the supplier. By contrast, we demonstrate that improved demand information benefits both the supplier and manufacturer if the correlation coefficient between the two uncertainties has a small positive value and benefits the manufacturer but hurts the supplier otherwise. Moreover, superior spot price information benefits only the manufacturer and always hurts the supplier. Surprisingly, superior information fails to improve the performance of the supply chain and only changes the allocation of the profits between the supplier and manufacturer. Our findings likewise provide insights into when the supplier intends to use the contract channel and which type of information updating facility or expertise to invest in if a choice must be made. (C) 2015 Elsevier B.V. and Association of European Operational Research Societies (EURO) within the International Federation of Operational Research Societies (IFORS). All rights reserved.
KeywordSupply chain management Information updating Spot market Forward contract Dual sourcing
DOI10.1016/j.ejor.2015.05.046
Language英语
Funding ProjectNatural Sciences and Engineering Research Council of Canada ; Ontario Ministry of Research and Innovation ; National Natural Science Foundation of China[71471101] ; National Natural Science Foundation of China[71101081]
WOS Research AreaBusiness & Economics ; Operations Research & Management Science
WOS SubjectManagement ; Operations Research & Management Science
WOS IDWOS:000357754500015
PublisherELSEVIER SCIENCE BV
Citation statistics
Document Type期刊论文
Identifierhttp://ir.amss.ac.cn/handle/2S8OKBNM/20366
Collection系统科学研究所
Corresponding AuthorXing, Wei
Affiliation1.Wilfrid Laurier Univ, Sch Business & Econ, Waterloo, ON N2L 3C5, Canada
2.Qufu Normal Univ, Sch Management, Rizhao 276826, Shandong, Peoples R China
3.Lingnan Univ, Fac Business, Hong Kong, Hong Kong, Peoples R China
4.Qingdao Univ, Sch Management Sci & Engn, Qingdao 266071, Peoples R China
5.Chinese Acad Sci, Acad Math & Syst Sci, Beijing 100080, Peoples R China
Recommended Citation
GB/T 7714
Zhao, Xuan,Xing, Wei,Liu, Liming,et al. Demand information and spot price information: Supply chains trading in spot markets[J]. EUROPEAN JOURNAL OF OPERATIONAL RESEARCH,2015,246(3):837-849.
APA Zhao, Xuan,Xing, Wei,Liu, Liming,&Wang, Shouyang.(2015).Demand information and spot price information: Supply chains trading in spot markets.EUROPEAN JOURNAL OF OPERATIONAL RESEARCH,246(3),837-849.
MLA Zhao, Xuan,et al."Demand information and spot price information: Supply chains trading in spot markets".EUROPEAN JOURNAL OF OPERATIONAL RESEARCH 246.3(2015):837-849.
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