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首页> 外文期刊>International journal of production economics >Orders And Inventory Commodities With Price And Demand Uncertainty In Complete Markets
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Orders And Inventory Commodities With Price And Demand Uncertainty In Complete Markets

机译：完整市场中价格和需求不确定的订单和库存商品

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摘要

The purpose of this paper is to price an order (inventory control) policy when both the demand and the price are uncertain and markets are complete. Inventory management is assumed to be equivalent to an investment for future and risky prospects for which a risk premium is required. Optimization of this risk premium defines the optimal-order policy. A number of examples are solved and we show how a zero-inventory policy can be replicated by a portfolio of options and of course an optimal-order quantity. The approach developed in this paper underlies as well a common practice by certain firms who use materials that are traded in speculative financial markets. In these situations, managers combine their production-based activities with speculations regarding their potential demand and the associated price of materials. For demonstration purposes and to highlight the practicality of this approach an extensive application and numerical results are used. In particular, we consider a two-period problem with an exponential utility function and a mean exponential demand, which is a function of price.
机译：本文的目的是在需求和价格都不确定且市场完整时对订单（库存控制）策略进行定价。假定库存管理等同于需要风险溢价的未来和有风险前景的投资。此风险溢价的优化定义了最优订单策略。解决了许多示例，我们展示了如何通过期权组合（当然还有最优订单量）来复制零库存策略。本文开发的方法也是某些使用投机性金融市场中交易的物料的公司的惯常做法。在这种情况下，管理人员将其基于生产的活动与有关其潜在需求和相关物料价格的推测结合在一起。为了演示目的并强调此方法的实用性，使用了广泛的应用程序和数值结果。特别地，我们考虑一个具有指数效用函数和平均指数需求的两周期问题，该平均指数需求是价格的函数。

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