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Dr. Wei Liu
Department of Basic Science, Wuhan Donghu University

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0 Industrial Engineering
0 Inventory
0 Logistics
0 Risk Management
0 Supply Chain Management

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Journal article
Published: 14 April 2021 in Sustainability
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In this paper, we apply a combined revenue sharing and buyback contract to investigate the channel coordination of a two-echelon supply chain with a loss-averse retailer. Since loss-averse decision makers usually take on more risks, the Conditional Value-at-Risk (CVaR) measure is introduced to hedge against it and the retailer’s objective is to maximize the CVaR of utility. We obtain the retailer’s optimal order quantity under the combined contract. It is shown that there is a unique wholesale price coordinating the supply chain if the retailer’s confidence level is less than a threshold that is independent of contract parameters. Moreover, a complete sensitivity analysis of parameters is carried out. In particular, the retailer’s optimal order quantity and coordinating wholesale price decreases as the loss aversion or confidence level increases, while it increase as the buyback price or sharing coefficient increases. Furthermore, there exists the situation where the combined contract can coordinate the chain even though neither the revenue sharing nor buyback contract can when the contract parameters are constrained.

ACS Style

Wei Liu; Han Zhao; Shiji Song; Wenxuan He; Xiaochen Li. Coping with Loss Aversion and Risk Management in the Supply Chain Coordination. Sustainability 2021, 13, 4364 .

AMA Style

Wei Liu, Han Zhao, Shiji Song, Wenxuan He, Xiaochen Li. Coping with Loss Aversion and Risk Management in the Supply Chain Coordination. Sustainability. 2021; 13 (8):4364.

Chicago/Turabian Style

Wei Liu; Han Zhao; Shiji Song; Wenxuan He; Xiaochen Li. 2021. "Coping with Loss Aversion and Risk Management in the Supply Chain Coordination." Sustainability 13, no. 8: 4364.

Journal article
Published: 06 April 2021 in Mathematics
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This paper investigates a supply chain consisting of a single risk-neutral supplier and a single risk-averse retailer with the call option contract and a service requirement, where the retailer’s objective is to maximize the Conditional Value-at-Risk about profit. The optimal ordering quantity of the retailer and the optimal production quantity of the supplier are derived with the call option contract in the presence of a service requirement. Furthermore, by investigating the effect of the service level and the risk aversion on the supply chain, it is found that the retailer’s optimal Conditional Value-at-Risk is non-increasing in the service requirement and increasing in the risk aversion, while the supplier’s optimal expected profit is non-decreasing in the service and decreasing in the risk aversion. In addition, this paper demonstrates the impact of contract parameters on the service-constrained supply chain, and finds that the retailer’s optimal Conditional Value-at-Risk may be increasing, constant or decreasing in unit exercise price. Finally, with the call option contract, a distribution-free coordination condition is derived to achieve the Pareto improvement under Conditional Value-at-Risk criterion in the presence of a service requirement.

ACS Style

Han Zhao; Hui Wang; Wei Liu; Shiji Song; Yu Liao. Supply Chain Coordination with a Risk-Averse Retailer and the Call Option Contract in the Presence of a Service Requirement. Mathematics 2021, 9, 787 .

AMA Style

Han Zhao, Hui Wang, Wei Liu, Shiji Song, Yu Liao. Supply Chain Coordination with a Risk-Averse Retailer and the Call Option Contract in the Presence of a Service Requirement. Mathematics. 2021; 9 (7):787.

Chicago/Turabian Style

Han Zhao; Hui Wang; Wei Liu; Shiji Song; Yu Liao. 2021. "Supply Chain Coordination with a Risk-Averse Retailer and the Call Option Contract in the Presence of a Service Requirement." Mathematics 9, no. 7: 787.

Journal article
Published: 27 July 2020 in Mathematics
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This paper studies a loss-averse newsvendor problem with reference dependence, where both demand and yield rate are stochastic. We obtain the loss-averse newsvendor’s optimal ordering policy and analyze the effects of loss aversion, reference dependence, random demand and yield on it. It is shown that the loss-averse newsvendor’s optimal order quantity and expected utility decreases in loss aversion level and reference point. Then, that this order quantity may be larger than the risk-neutral one’s if the reference point is less than a negative threshold. In addition, although the effect of random yield leads to an increase in the order quantity, the loss-averse newsvendor may order more than, equal to or less than the classical one, which significantly depends on loss aversion level and reference point. Numerical experiments were conducted to demonstrate our theoretical results.

ACS Style

Wei Liu; Shiji Song; Ying Qiao; Han Zhao; Huachang Wang. The Loss-Averse Newsvendor Problem with Random Yield and Reference Dependence. Mathematics 2020, 8, 1231 .

AMA Style

Wei Liu, Shiji Song, Ying Qiao, Han Zhao, Huachang Wang. The Loss-Averse Newsvendor Problem with Random Yield and Reference Dependence. Mathematics. 2020; 8 (8):1231.

Chicago/Turabian Style

Wei Liu; Shiji Song; Ying Qiao; Han Zhao; Huachang Wang. 2020. "The Loss-Averse Newsvendor Problem with Random Yield and Reference Dependence." Mathematics 8, no. 8: 1231.