Manufacturer’s return policy in a two-stage supply chain with two risk-averse retailers and random demand |
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Authors: | Chung-Chi Hsieh Yu-Ting Lu |
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Institution: | Department of Industrial and Information Management, National Cheng Kung University, Tainan 70101, Taiwan, ROC |
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Abstract: | This paper studies the manufacturer’s return policy and the retailers’ decisions in a supply chain consisting of one manufacturer and two risk-averse retailers under a single-period setting with price-sensitive random demand. We characterize each retailer’s risk-embedded objective via conditional value-at-risk, and construct manufacturer-Stackelberg games with and without horizontal price competition between the retailers. We explore, through numerical studies, the effects of the retailers’ aversion to risk and other parameters on the manufacturer’s return policy and profit and the retailers’ decisions. We further investigate the effect of distribution asymmetry by comparing the results with normal and lognormal demand. |
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Keywords: | Conditional value-at-risk Demand uncertainty Newsvendor model Return policy Risk management |
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