Supply option contracts with spot market and demand information updating

doi:10.1016/j.ejor.2017.11.001

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	Supply option contracts with spot market and demand information updating
	Zhao, Yingxue 1; Choi, Tsan-Ming 2; Cheng, T. C. E.3; Wang, Shouyang4
	2018-05-01
发表期刊	EUROPEAN JOURNAL OF OPERATIONAL RESEARCH
ISSN	0377-2217
卷号	266 期号:3 页码:1062-1071
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.
关键词	Supply chain management Supply chain contract Option contract Spot market Demand information updating
DOI	10.1016/j.ejor.2017.11.001
语种	英语
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
WOS类目	Management ; Operations Research & Management Science
WOS记录号	WOS:000423636700020
出版者	ELSEVIER SCIENCE BV
引用统计
文献类型	期刊论文
条目标识符	http://ir.amss.ac.cn/handle/2S8OKBNM/29431
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.