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On the Equilibrium Behavior of a Supply Chain Market for Capacity

机译:容量供应链市场的均衡行为

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A capacity market is a business-to-business exchange in which equally capable suppliers compete with one another to satisfy generic orders from diverse buyers. The market is asymmetric because the buyers can carry inventory of the products ordered but the suppliers cannot store their capacity. In such a market, we might expect to see something like a price for capacity emerge to equilibrate demand and supply. The financial risk of participating in such a market will be driven by the volatility of the capacity price. In this paper we develop a model to explore the behavior of such a market and demonstrate, for example, that volatility of the price for capacity increases, to a point, when inflexibility of the capacity increases. We can also make statements about how the resolution of price uncertainty in the capacity market is related to the resolution of demand uncertainty faced by the buyers. Another contribution of the paper is to explain the role of market characteristics in how the market acts to minimize shortages caused by consumer demand uncertainty. We use continuous time stochastic optimal control techniques and numerical experiments to demonstrate these insights.
机译:能力市场是企业对企业之间的交换,在其中,具有同等能力的供应商相互竞争,以满足来自不同买方的通用订单。市场是不对称的,因为买方可以携带所订购产品的库存,但供应商无法存储其容量。在这样的市场中,我们可能会期望看到类似的价格出现,以平衡需求和供应。参与这种市场的财务风险将由产能价格的波动性驱动。在本文中,我们开发了一个模型来探索这种市场的行为,并证明,例如,容量的价格波动会增加,直到容量的灵活性增加。我们还可以就容量市场中价格不确定性的解决与买方所面临的需求不确定性的解决有何关系发表声明。本文的另一个贡献是解释了市场特征在市场行为中的作用,以最大程度地减少由消费者需求不确定性引起的短缺。我们使用连续时间随机最优控制技术和数值实验来证明这些见解。

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