作者:Wu, DS (Wu, Desheng)[ 1,2 ] ; Zhang, BF (Zhang, Baofeng)[ 3 ] ; Baron, O (Baron, Opher)[ 4 ]
PRODUCTION AND OPERATIONS MANAGEMENT
卷: 28期: 1
页: 206-231
DOI: 10.1111/poms.12882
出版年: JAN 2019
文献类型:Article
摘要
We study a supply chain of a manufacturer selling to two asymmetric retailers engaged in inventory (order quantity) competition in the presence of demand uncertainty and an exogenously given retail price. The effective demand of each retailer includes its primary demand and reallocated demand from its competitor. We model two salient features causing asymmetry: (i) the weak retailer is capital-constrained and (ii) the bargaining power of the dominant retailer implies that it enjoys a lower wholesale price. The manufacturer offers trade credit to the weak, capital-constrained retailer. We show that such trade credit can be used by the manufacturer as a strategic response to the bargaining power of its dominant retailer. Computational examples reveal that under inventory competition, the capital-constrained retailer benefits from the trade credit, leaving the dominant retailer worse off. We show that demand substitution increases the profit of the dominant retailer and the manufacturer but, somewhat surprisingly, decreases the weak retailer's profit. When both bank and trade credit are available, we show conditions under which trade credit is preferred over bank credit by the manufacturer. Compared with a trade credit with an endogenous interest rate (and an exogenously given wholesale price), a trade credit with an endogenous wholesale price (and an exogenously given interest rate) is preferred by the manufacturer, but is only preferred by the system when the weak retailer's initial working capital is small.
关键词
作者关键词:capital constraint; trade credit; demand substitution; asymmetric competing newsvendors
KeyWords Plus:INVENTORY COMPETITION; FINANCIAL STRUCTURE; COORDINATION; OLIGOPOLY; CHANNEL; BANK
通讯作者地址:
Chinese Academy of Sciences University of Chinese Academy of Sciences, CAS Univ Chinese Acad Sci, Sch Econ & Management, Beijing 101408, Peoples R China.
Stockholm University Stockholm Univ, Stockholm Business Sch, S-11419 Stockholm, Sweden.
通讯作者地址: Wu, DS (通讯作者)
