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首页> 外文期刊>International Journal of Production Research >Optimal ordering policy for a price-setting newsvendor with option contracts under demand uncertainty
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Optimal ordering policy for a price-setting newsvendor with option contracts under demand uncertainty

机译：需求不确定的情况下具有期权合约的定价新闻供应商的最佳订购策略

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摘要

In this article, we investigate the newsvendor problem in a joint ordering and pricing setting in the presence of option contracts under demand uncertainty. At the beginning of a single selling season, the newsvendor who faces additive stochastic demand can obtain goods through two ways: ordering from a firm or purchasing and exercising call options. Single ordering (ordering from a firm only or purchasing and exercising call options only) and mixed ordering (ordering from a firm and purchasing and exercising call options simultaneously) cases are investigated. We find that the newsvendor's optimal pricing and ordering strategies exist and are unique for both cases, respectively. In addition, when both cases are available, mixed ordering is the newsvendor's optimal ordering policy. If only single ordering is available, the newsvendor prefers ordering from a firm when demand risk is low, while enjoys purchasing and exercising call options when demand risk is high. We also find that with option contracts, the newsvendor's optimal order quantity and maximum expected profit are all decreasing in the option price and exercise price of product, while the optimal retail price in terms of option price and exercise price of product are intricate. Moreover, we show that, mixed ordering is more capable to deal with supply price volatility risk.
机译：在本文中，我们将在需求不确定的情况下，在存在期权合同的情况下，在联合订购和定价设置中研究新闻供应商问题。在单个销售季节开始时，面临附加随机需求的新闻供应商可以通过两种方式获得商品：从公司订购或购买并行使看涨期权。研究了单一订购（仅从公司订购或仅购买和行使看涨期权）和混合订购（从公司订购并同时购买和行使看涨期权）案例。我们发现报亭的最优定价和订购策略分别存在，并且对于这两种情况都是唯一的。此外，当两种情况都可用时，混合排序是新闻卖主的最佳排序策略。如果只提供单个订购，则新闻卖方更喜欢在需求风险低时从公司订购，而在需求风险高时喜欢购买和行使看涨期权。我们还发现，使用期权合同，新闻卖方的最优订货量和最大预期利润都在产品的期权价格和行使价中均下降，而在期权价格和产品行使价方面的最优零售价却是复杂的。此外，我们表明，混合订购更有能力应对供应价格波动风险。

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