Supply chain operations in the presence of a spot market: A review with discussion

Ç Haksöz, S. Seshadri

Research output: Contribution to journalArticlepeer-review

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.

Original languageEnglish (US)
Pages (from-to)1412-1429
Number of pages18
JournalJournal of the Operational Research Society
Volume58
Issue number11
DOIs
StatePublished - Nov 2007
Externally publishedYes

Keywords

  • Practice of OR
  • Real options
  • Risk
  • Stochastic dynamic programming
  • Supply chain contracts

ASJC Scopus subject areas

  • Management Information Systems
  • Strategy and Management
  • Management Science and Operations Research
  • Marketing

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