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

Haksöz, Çağrı; Seshadri, Sridhar

doi:10.1057/palgrave.jors.2602401

Cited by 116 publications

(41 citation statements)

References 26 publications

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“…Market equilibrium has been extensively studied and modelled (Haksöz and Seshadri, 2007). Price fluctuations can be steep and highly unpredictable which can bring risks and opportunities to trading parties.…”

Section: Supply Chain Governancementioning

confidence: 99%

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The impact of private label foods on supply chain governance

Vlachos

2014

British Food Journal

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Abstract:Purpose: The purpose of this paper is to investigate the impact of the introduction of private label (PL) foods upon the governance of the food supply chains.Design/methodology/approach: We conducted a multi-case study research examining the launch and development of PL cheeses in four large national-wide retail chains. We focused on the category of Products of Designated Origin (PDO) cheeses, including the popular feta cheese. Data collection involved semi-structured interviews and secondary sources of information. Data Analysis involved single-case and within-case analyses.Findings: There is a strong motive to launch and develop PL cheeses due to increasing consumer demand. Retailers choose suppliers based on criteria such as: compliance to quality assurance standards, modernisation of processing facilities; implementation of legislation; credibility; experience; and reputation.Retailers use contracts and prefer small suppliers than medium-sized companies. Supply chain governance turns from market to hierarchy status, which performs better in terms of supply chain cost, food quality and consumer satisfaction. The structure of food industry is also affected by pressure put on medium-sized food companies. Research limitations/implications:The paper is based on a multiple case study design that does not provide static generalizations, yet it offers a stepping stone to building new theory about supply chain governance, how it evolves and its effects on supply chain performance. Practical implications:The introduction of PL cheeses favours small and dynamic cheese processing units willing to adopt retailer standards and prices over larger units, which poses a real threat to the survival of regional-wide food companies. Originality/value: Few studies have examined how supply chain governance evolves and what triggers a change in governance structures.

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Section: Supply Chain Governancementioning

confidence: 99%

“…Further, although there is consensus that transaction costs influence the structure of an industry, the relation of industry structure and supply chain governance is not clear (Haksöz and Seshadri, 2007).…”

Section: << Insert Figure 1 About Here >>mentioning

confidence: 99%

The impact of private label foods on supply chain governance

Vlachos

2014

British Food Journal

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“…[17] divided this work into two sets, one having to do with contract valuation (see references in [17]), and another with optimal procurement from the spot market. This category of work can be further subdivided into single and multi-period models.…”

Section: Literature Review and Our Workmentioning

confidence: 99%

“…We assume that the price of each unit of inventory is stochastic and is a Brownian motion process as in [17] and [21]. We also assume that the time until the (single) demand arrives, as well as the amount of that demand, is random.…”

Section: Literature Review and Our Workmentioning

confidence: 99%

Optimal spot market inventory strategies in the presence of cost and price risk

Guo

Kaminsky

Tomecek³

et al. 2010

Math Meth Oper Res

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We consider a firm facing random demand at the end of a single period of random length. At any time during the period, the firm can either increase or decrease inventory by buying or selling on a spot market where price fluctuates randomly over time, and the revenue the firm gets by meeting demand at the end of the period is a function of the spot market price at that time. We first demonstrate that this control problem is equivalent to a singular control problem of higher dimensions. We then use this insight combined with a novel control-theoretic approach to show that the optimal policy is completely characterized by a simple price-dependent two threshold policy. In a series of computational experiments, we explore the value of actively managing inventory during the period rather than making a purchase decision at the start of the period, and then waiting for demand.

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“…De Reyck et al (2008), Martzoukos (2008), Nagel and Rammerstorfer (2008), Haksoz and Seshadri (2007), Clark and Easaw (2007), Keswani and Shackleton (2006), Carlsson et al (2004)) are some of the more recent contributions. One part of the RO theory has dealt with natural resources.…”

Section: A Simplified Stylized Framework For Concession Contractsmentioning

confidence: 99%