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Optimal Procurement When Both Price And Quality Matter


Optimal Procurement When Both Price And Quality Matter
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Optimal Procurement When Both Price And Quality Matter


Optimal Procurement When Both Price And Quality Matter
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Author : John Asker
language : en
Publisher:
Release Date : 2005

Optimal Procurement When Both Price And Quality Matter written by John Asker and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Industrial procurement categories.




Procurement When Price And Quality Matter


Procurement When Price And Quality Matter
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Author : John Asker
language : en
Publisher:
Release Date : 2007

Procurement When Price And Quality Matter written by John Asker and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Industrial procurement categories.




Optimal Procurement When Both Price And Quality Matteri


Optimal Procurement When Both Price And Quality Matteri
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Author : John Asker
language : en
Publisher:
Release Date : 2005

Optimal Procurement When Both Price And Quality Matteri written by John Asker and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.




Optimal Procurement With Quality Concerns


Optimal Procurement With Quality Concerns
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Author : Giuseppe Lopomo
language : en
Publisher:
Release Date : 2022

Optimal Procurement With Quality Concerns written by Giuseppe Lopomo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.


Adverse selection in procurement arises when low-cost bidders are also lowquality suppliers. We propose a mechanism called LoLA which, under some conditions, is the best incentive-compatible mechanism for maximizing either the seller's or the social surplus in the presence of adverse selection. The LoLA features a floor (or minimum) price, and a reserve (or maximum) price. Conveniently, the LoLA has a dominant strategy equilibrium that, under mild regularity conditions, is unique. We perform a counterfactual experiment on Italian government procurement auctions: we compute the gain that the government could have made, had it used the optimal mechanism (which happens to be a LoLA), relative to a first-price auction, which is the format the government actually used. Finally, we provide software applications for computing the optimal procurement mechanism.



When To Lock The Price The Optimal Procurement Policy Under Input Price Volatility


When To Lock The Price The Optimal Procurement Policy Under Input Price Volatility
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Author : Shi Chen
language : en
Publisher:
Release Date : 2020

When To Lock The Price The Optimal Procurement Policy Under Input Price Volatility written by Shi Chen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.


We study a two-stage supply chain, where the supplier procures a key component to manufacture a product and the retailer orders from the supplier to meet a price-sensitive demand. As the input price is volatile, the two parties enter into either a spot contract, where the retailer orders just before the supplier starts production, or a forward contract, where the retailer determines when to lock a wholesale price. Moreover, we consider three selling-price schemes: Market-Driven, Cost-Plus, and Profit-Max, corresponding to the retailer's minimal, moderate, and maximal pricing power, respectively. We assume that the input price follows a Geometric Brownian motion. To determine the optimal ordering time, we propose an optimization approach that can be viewed as an alternative method to the classic approach by Dixit et al. (1994) and Li and Kouvelis (1999). Our approach leads to deeper analytical results and more transparent ordering policy. Through a numerical experimentation, we compare profitability of the two parties involved under different contracts, pricing schemes, and market conditions. We find that the retailer's ordering policy is determined by a threshold policy based on the current time and input price and that the optimal threshold depends on not only the drift and volatility of the input price, but also their relative magnitude. Our results reveal that the forward contract is a Pareto improvement compared to the spot contract under the Cost-Plus or Profi t-Max pricing, while the supplier may prefer the spot contract over the forward contract under the Market-Driven pricing. Moreover, although having the maximal pricing power is the most favorable condition to the retailer, the supplier does not always benefit from this situation. Furthermore, as the retailer has less pricing power in the market, profitability of both parties is more heavily influenced by the input price volatility.



Optimal Procurement Policy For Cost Conscious Retailer


Optimal Procurement Policy For Cost Conscious Retailer
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Author : Sicong Hou
language : en
Publisher: LAP Lambert Academic Publishing
Release Date : 2013

Optimal Procurement Policy For Cost Conscious Retailer written by Sicong Hou and has been published by LAP Lambert Academic Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.


Manufacturers whose products primarily relay on expensive raw materials need to make well informed procurement decisions in order to reduce their production costs. Decision making is especially difficult when there is uncertainty about the raw material cost as well as the product demand. This research considers an optimum procurement and production planning problem under uncertainty. Basic raw material is a rare metal with a dynamically and stochastically changing price. The manufacturer has the dual sourcing option: buy from the spot market; or to sign long term contracts. Long term contracts can be signed only at the beginning of every year with a yearly duration. In addition, the contract price depends on the average spot price during some interval. We first consider a simplified version of the problem without long-term contract, and assume a base-stock procurement and inventory control policy. We model the problem as a Markov chain and present some numerical examples demonstrating the effect of various parameters on the optimum base-stock value. Then, we investigate a case with dual procurement option, and present our results.



The Choice Of The Government Optimal Procurement Mechanism


The Choice Of The Government Optimal Procurement Mechanism
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Author : Stefania Di Serafino
language : en
Publisher:
Release Date : 1996

The Choice Of The Government Optimal Procurement Mechanism written by Stefania Di Serafino and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with categories.




Procurement Mechanism Design In A Two Echelon Inventory System With Price Sensitive Demand


Procurement Mechanism Design In A Two Echelon Inventory System With Price Sensitive Demand
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Author : Fuqiang Zhang
language : en
Publisher:
Release Date : 2010

Procurement Mechanism Design In A Two Echelon Inventory System With Price Sensitive Demand written by Fuqiang Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.


This paper studies a buyer's procurement strategies in a two-stage supply chain with price-sensitive demand. The buyer procures a product from a supplier and then sells to the marketplace. Market demand is stochastic and depends on the buyer's selling price. The supplier's production cost is private information, and the buyer only knows the distribution of the cost. Both the buyer and the supplier can hold inventories to improve service, and a periodic review inventory system is considered. The buyer takes two attributes into consideration when designing the procurement mechanism: quantity attribute (i.e., the total purchase quantity) and service-level attribute (i.e., the supplier's delivery performance). We first identify the optimal procurement mechanism for the buyer, which consists of a nonlinear menu of contracts for each of the two attributes. It can be shown that the optimal mechanism induces both a lower market demand and a lower service level compared to the supply chain optimum. In view of the complexity of the optimal mechanism, we proceed to search for simpler mechanisms that perform well for the buyer. We find that the above two attributes have different implications for procurement mechanism design: The value of using complex contract terms is generally negligible for the service-level attribute, while it can be highly valuable for the quantity attribute. In particular, we demonstrate that a fixed service-level contract, which consists of a target service level and a price-quantity menu, yields nearly optimal profit for the buyer. Additionally, the price-quantity menu is essentially a quantity discount scheme widely observed in practice.



Theoretical Essays On Optimal Sourcing Strategy Under Price Uncertainty


Theoretical Essays On Optimal Sourcing Strategy Under Price Uncertainty
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Author : Santosh Kumar Mahapatra
language : en
Publisher:
Release Date : 2006

Theoretical Essays On Optimal Sourcing Strategy Under Price Uncertainty written by Santosh Kumar Mahapatra and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Industrial procurement categories.




Handbook Of Industrial Organization


Handbook Of Industrial Organization
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Author : Mark Armstrong
language : en
Publisher: Elsevier
Release Date : 2007-10-05

Handbook Of Industrial Organization written by Mark Armstrong and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-10-05 with Business & Economics categories.


This is Volume 3 of the Handbook of Industrial Organization series (HIO). Volumes 1 & 2 published simultaneously in 1989 and many of the chapters were widely cited and appeared on graduate reading lists. Since the first volumes published, the field of industrial organization has continued to evolve and this volume fills the gaps. While the first two volumes of HIO contain much more discussion of the theoretical literature than of the empirical literature, it was representative of the field at that time. Since then, the empirical literature has flourished, while the theoretical literature has continued to grow, and this new volume reflects that change of emphasis. Thie volume is an excellent reference and teaching supplement for industrial organization or industrial economics, the microeconomics field that focuses on business behavior and its implications for both market structures and processes, and for related public policies. *Part of the renowned Handbooks in Economics series *Chapters are contributed by some of the leading experts in their fields *A source, reference and teaching supplement for industrial organizations or industrial economists