Abstract: In this paper, we make comparisons between call option contracts and put option contracts under the same stochastic market demand condition, which can provide suggestions to decision makers to choose. By modeling and analyzing, we gain the conditions that retailers achieve contracts and their order policies under different option contracts. Meanwhile, we gain the conditions that supply chain achieves coordination under different option contracts. Based on this, we analyze the influence of contract parameters on retailers' and suppliers' profit, respectively and give the scope of application of the two option contracts and the contract choice preferences of both parties. Inaddition, we find a feasible range of contract parameters that the profit of retailers and suppliers is better than their reservation profit and prove that both option contracts can effectively improve the profitability of retailers. Finally, we validate research conclusions bynumerical analysis.

Key words: call option contracts, put option contracts, supply chain coordination, contract comparison

摘要： 在面临相同随机市场需求的情况下,本文对期权契约中的看涨期权与看跌期权契约进行了对比分析,以期为决策者在实际采购活动中选择不同类型的期权契约时提供决策依据。通过模型建立与求解分析,本文得出了销售商接受期权契约时,契约参数需要满足的条件及相应的订购策略;并进一步得出了两种期权契约下,供应链达到协调状态时的具体条件,分析了此时契约参数对供销双方利润的影响,继而给出了两种期权契约的适用范围以及供销双方的契约选择偏好。在此基础上,本文还给出了不同期权契约下,供销双方各自利润均不低于其自身保留利润时契约参数的取值范围,并证明了两种期权契约均可有效提高销售商的利润水平。最后,本文通过算例对上述结论进行了验证。

关键词: 看涨期权契约, 看跌期权契约, 供应链协调, 契约比较