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首页> 外文期刊>Arabian Journal for Science and Engineering. Section A, Sciences >Option Contract Design for a Multi-period VMI Supply Chain
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Option Contract Design for a Multi-period VMI Supply Chain

机译：多个VMI供应链的选项合同设计

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This paper studies the role of option contracts in a multi-period VMI supply chain consisting of one supplier and one retailer, where an emergency production is allowed to be carried out to replenish unmet demand. By using dynamic programming approach, we formulate two groups of recursive models to characterize the optimal production and ordering policies of two members without and with option contracts, and provide a tractable algorithm to approximate the corresponding policy parameters in two cases. By benchmarking the case without option contracts, we prove that the supplier's service level in each period is always higher with option contracts than without them. In addition, the supplier is always better off with option contracts than without them. However, the retailer prefers option contracts when the option or exercise price is low, while prefers wholesale price contracts when the option or exercise price is high. Moreover, through the numerical examples, we find that the decisions and performances of two members are decreasing in the demand risk. Finally, we derive the explicit condition on which option contracts can help the multi-period VMI supply chain achieve the optimum under the stationary parameter situation.
机译：本文研究了期权合约在一个由一个供应商和一个零售商组成的多时期VMI供应链中的作用，允许进行紧急产量以补充未满足的需求。通过使用动态编程方法，我们制定了两组递归模型，以表征两个成员的最佳生产和订购策略，而无需和选项合同，并提供近似的策略参数在两种情况下近似于相应的策略参数。通过在没有选项合同的情况下基准测试，我们证明了供应商在每个时期的服务水平总是更高，而且选择合同而不是它们。此外，供应商始终与选项合约更好，而不是它们。但是，零售商在选项或锻炼价格低时更加选项合同，而选项或锻炼价格较高时更喜欢批发价格合同。此外，通过数值例子，我们发现两个成员的决策和表演在需求风险下降。最后，我们派生了哪些选项合同可以帮助多个时期VMI供应链在固定参数情况下实现最佳状态。

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