Special Issue Paper
Journal of the Operational Research Society (2007) 58, 1412–1429. doi:10.1057/palgrave.jors.2602401 Published online 11 April 2007
Supply chain operations in the presence of a spot market: a review with discussion
- 1City University of London, London, UK
- 2New York University, New York, USA
Correspondence: Ç Haksöz, Faculty of Management, CASS Business School, City University, 106 Bunhill Row, London EC1Y 8TZ, UK. E-mail: c.haksoz@city.ac.uk
Received August 2005; Accepted November 2006; Published online 11 April 2007.
Abstract
We survey the recent literature on the use of spot market operations to manage procurement in supply chains. We present results in two categories: work that deals with optimal procurement strategies and work related to the valuation of procurement contracts. As an example of the latter, we provide new results on valuation of a supply contract with abandonment option. Based on our review, we also discuss the scope for doing further work.
Keywords:
supply chain contracts, stochastic dynamic programming, risk, real options, practice of OR
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