We survey the recent literature on the use of spot market operations to manage procurement in supply chains. We present results in two categories: work that deals with optimal procurement strategies and work related to the valuation of procurement contracts. As an example of the latter, we provide new results on valuation of a supply contract with abandonment option. Based on our review, we als...

The development of new electronic markets is challenging, since many factors influence the market outcomes and hence the markets’ success. Even worse, a fundamental lesson learned from economics is that details matter: small changes in market design can have a significant impact on the market participant’s behaviors and thus on the achieved outcomes. Consequently a well structured process for d...

The purpose of this paper is to develop a simple dynamic model to analyze researchers' interest in answering questions for an online question and answer (Q&A) knowledge market. With use of a System Dynamics model, an online knowledge market can be modeled as a marketplace where consumers ask and researchers answer questions to make knowledge transactions. In this market, consumers price their q...

Teleology comes from the Greek term telos, in English purpose. According to Aristotle, each object has a final purpose for its being. Human knowledge is also associated with such a purpose. The teleological analysis of knowledge management processes and knowledge types is a new approach to mapping organizational knowledge, especially in academic environment. In this paper, we show advantages of...

This paper uses an innovative method through combining autoregressive distributed lag model and a quantile regression, called a quantile autoregressive distributed lag model, to examine the dynamic long-run equilibrium and short-run causal relationship between the stock price of China and the RMB/USD exchange rate from January 1994 to June 2016. The results indicate that there is long-run coint...

Technological progress has led to electronic exchanges attracting a major part of transaction volume for standardized stocks. In the field of derivatives and bonds, electronic exchanges failed to prosper and so called over-the-counter (OTC) trading is predominant: possibly because multi-attribute assets are hard to trade in structured two-sided markets. The present paper aims at alleviating thi...

We examine the effect of an oligopolistic upstream electronic market on upstream and downstream prices. The analysis highlights the two sources of competition that a firm that source from an electronic market (e-market firm) face: competition with less efficient firms that source traditionally (t-market firms) and competition among e-market firms. When size of the upstream e-market is small, th...

Efficient wholesale markets should drive preference revealing bidding where generators offer the majority of their power at short run marginal cost (SRMC). However, most renewables have very low SRMCs, which in a competitive market is likely to lead to an increasing proportion of low priced periods. This has led to suggestions that a capacity market may be required in the Australian National El...

As customers' needs have changed rapidly, market orientation has become a more primary focus of marketing literature. This study explores the strategies market-oriented suppliers use to accommodate customer needs. In addition, because buyer–seller relationships proceed through phases characterized by distinct behaviors, this study explores the relationship between market orientation and accommo...

When interest rate dynamics are described by the Libor Market Model as in Brace, Gatarek & Musiela (1997), we show how some essential risk-management results can be obtained from the dual of the calibration program. In particular, if the objetive is to maximize another swaption’s price, we show that the optimal dual variables describe a hedging portfolio in the sense of Avellaneda & Paras (1996...