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Managing Supply Chain Risks by Using Incomplete Contract

In: Liss 2021

Author

Listed:
  • Hongjin Ju

    (Beijing Jiaotong University)

  • Juliang Zhang

    (Beijing Jiaotong University)

Abstract

In the context of unforeseen emergencies, the uncertainty in supply-side capacity can pose serious challenges to companies and their supply chains. In this paper, we design a renegotiation mechanism for incomplete contracts in the context of COVID-19. And we consider the secondary supply chain system, and study the optimal trading decision and the optimal profit of the supply chain with complete and incomplete contracts. Finally, we validated by numerical simulation. The results show that incomplete contracts can maintain the normal operation of the supply chain and increase the profit of the supply chain.

Suggested Citation

  • Hongjin Ju & Juliang Zhang, 2022. "Managing Supply Chain Risks by Using Incomplete Contract," Lecture Notes in Operations Research, in: Xianliang Shi & Gábor Bohács & Yixuan Ma & Daqing Gong & Xiaopu Shang (ed.), Liss 2021, pages 259-272, Springer.
    • Handle: RePEc:spr:lnopch:978-981-16-8656-6_25
    DOI: 10.1007/978-981-16-8656-6_25
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