供应链中期权合约与混合合约决策选择

Choice between option contract and combined contract in a supply chain

研究由单供应商和单零售商组成的二级供应链,面对不确定的市场需求,零售商可以通过期权合约或混合合约(期权合约与远期合约的组合)向供应商订购产品.通过建立Stackelberg博弈模型,求解两种合约形式下零售商的最优采购决策与供应商的最优定价决策.亦从供应商和零售商的不同视角比较了两种合约.结果显示,供应商倾向采用期权合约销售产品,即使在混合合约背景下,供应商也会通过提高远期合约价格来阻止零售商通过远期合约采购产品.而零售商通过期权合约采购时收益能否提升则会受到期权执行价格和产品残值的影响.

A supply chain consisting of a supplier and a retailer is studied. The retailer faces stochastic customer demand and purchases from the supplier via either an option contract or a combined contract of forward and option. Under either scenario, a Stackelberg game is modeled respectively, and the optimal replenishment policy for the retailer and the optimal pricing strategy for the supplier are studied from the perspective of the supplier and the retailer respectively. The comparison results show that the supplier is always better off under the option contract and even under the combined contract, and that the supplier will set the price of the for- ward contract high enough to prevent the retailer from purchasing via the forward contract. Whether the retailer will be better off under the option contract is affected by the option exercise price and the salvage value of the product.