Joint financing and ordering decisions in a capital-constrained supply chain with risk preference

斯塔克伯格竞赛 偏爱 信用风险 贸易信贷 供应链 业务 风险中性 微观经济学 经济短缺 首都(建筑) 经济 财务 营销 考古 政府(语言学) 哲学 历史 语言学
作者
Zhiyuan Zhen,Jing Ru Wang
出处
期刊:Rairo-operations Research [EDP Sciences]
卷期号:55: S2691-S2707 被引量:1
标识
DOI:10.1051/ro/2020094
摘要

We consider a two-echelon supply chain consisting of one dominant supplier and one capital-constrained retailer. The retailer needs to solve the shortage of working capital either from a bank or from its core supplier, which offers trade credit when it is also beneficial to itself. We assume the retailer is risk-averse behavior and the supplier has different risk preference behaviors that jointly model risk-averse, risk-neutral, and risk-taking. With a wholesale price contract, we incorporate each member’s risk preference behavior into its objective function. Then we derive the optimal decisions in a Stackelberg game under bank credit financing and trade credit financing, respectively. We find that there exists a supplier’s risk preference threshold that distinguishes financing scheme. When the supplier is a relatively higher risk preference, trade credit financing makes both the retailer and the supplier better off and is a unique financing equilibrium. Otherwise, the members prefer bank credit financing. Besides, the supplier with relatively higher risk preference behavior prefers the retailer with a low initial capital as a partner; the supplier with relatively lower risk preference behavior prefers the retailer with a higher initial capital level. The above theoretical results are verified by numerical analysis.

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