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Modeling Payment Timing in Multiechelon Inventory Systems with Applications to Supply Chain Coordination

机译:多级库存系统中的付款时间建模及其在供应链协调中的应用

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Problem definition: How can one adapt multiechelon inventory models to capture the cash flows generated by various payment-timing contracts? What competitive inventory policy behavior arises under these various payment-timing arrangements? Academic/practical relevance: Technology advancements are increasing the variety of payment triggers between supply chain stages. However, traditional multiechelon inventory models, which were originally developed for vertically integrated systems, do not explicitly account for payments flowing up the supply chain nor issues of payment timing between stages. Methodology: We introduce an analytical modeling methodology to incorporate financial inventory costs generated by payment-timing arrangements between stages in multiechelon inventory models. We also combine these methods with established inventory theory to study competitive inventory policies in a two-echelon system. Results: Under a class of payment-timing contracts, we show how to express payment flows at each stage in terms of standard physical inventory metrics and the demand-arrival process. We also show how to calculate the average inventory costs for each stage under given inventory policies and payment-timing contracts. In the two-echelon base-stock model, we first show that the cost of decentralization under standard wholesale price contracts is significantly driven by too much inventory at the supplier; it is not exclusively driven by too little inventory at the retailer as in the selling-to-the-newsvendor literature. We show that wholesale price contracts with a type of popular consignment payment timing still leads to too little inventory at the retailer. However, we prove there exists a wholesale price contract with partial consignment timing that can achieve the centralized inventory levels at both the supplier and the retailer. Managerial implications: Researchers can leverage our methodology to incorporate the price transfers and timing aspects of contracts in multiechelon inventory models. Our insights also help managers better understand the impact of prices and payment timing on decentralized chain behavior and performance.
机译:问题定义:如何适应多级库存模型以捕获各种付款时机合同产生的现金流量?在这些不同的付款时间安排下会出现哪些竞争性的库存政策行为?学术/实践相关性:技术进步正在增加供应链各阶段之间的付款触发因素。但是,传统的多级库存模型最初是为垂直集成系统开发的,没有明确说明供应链中向上流动的付款,也没有明确说明各阶段之间的付款时间问题。方法:我们引入分析建模方法,以将多阶段库存模型中各个阶段之间的付款时间安排产生的财务库存成本纳入其中。我们还将这些方法与已建立的库存理论相结合,以在两级系统中研究竞争性库存政策。结果:在一类付款时机合同下,我们展示了如何根据标准实物库存指标和需求到达流程来表达每个阶段的付款流。我们还将展示如何在给定的库存策略和付款时机合同下计算每个阶段的平均库存成本。在两级基础库存模型中,我们首先表明,标准批发价格合同下的分权成本很大程度上是由供应商的过多库存驱动的。它并不是排他性地由零售商库存过少引起的,正如“卖给新卖家”文献中所述。我们显示,批发价格合同具有某种流行的寄售付款时间,仍然导致零售商的库存太少。但是,我们证明存在具有部分寄售时间的批发价格合同,可以在供应商和零售商处实现集中的库存水平。对管理的影响:研究人员可以利用我们的方法,将价格转移和合同时间安排纳入多级库存模型中。我们的见解还可以帮助经理更好地了解价格和付款时间对分散式连锁行为和绩效的影响。

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