CAJ | 학술논문

以一个经销季节性商品的零售商为研究对象，通过弓l入考虑零售商风险态度的谱风险测度，分析了期权契约机制下具有不同风险偏好零售商的最优订购策略．通过建立期权契约机制下基于零售商谱风险测度的商品订购决策模型，分析得出零售商的最优现货订购量和期权订购量存在并且唯一；并进一步结合均值-CVaR风险谱函数，研究了在此风险测度下不同风险偏好零售商的具体订购策略，揭示了零售商风险态度、期权契约等对其最优订购策略的影响；最后通过数值实例对模型的求解过程和理论结果进行了验证分析．
이일개경소계절성상품적령수상위연구대상，통과궁l입고필령수상풍험태도적보풍험측도，분석료기권계약궤제하구유불동풍험편호령수상적최우정구책략．통과건립기권계약궤제하기우령수상보풍험측도적상품정구결책모형，분석득출령수상적최우현화정구량화기권정구량존재병차유일；병진일보결합균치-CVaR풍험보함수，연구료재차풍험측도하불동풍험편호령수상적구체정구책략，게시료령수상풍험태도、기권계약등대기최우정구책략적영향；최후통과수치실례대모형적구해과정화이론결과진행료험증분석．
Traditional ordering decisions for seasonal products often focus on minimizing expected cost or maximizing expected profits, which assume decision makers to be risk neutral. In this paper, we incorporate retailer＇s different risk attitudes by means of spectrum risk measure into the ordering decision model for seasonal products, and discuss the optimal ordering decisions of the retailer under the option contract mechanism. We show that the optimal ordering quantities of cash commodity and option commodity are existent and unique, and then analyze the specific ordering strategy of the retailer who has different risk preferences through the mean-CVaR risk spectrum function. The effects of the retailer＇s risk attitude, and the price parameters of option contract on the optimal ordering decisions are also analyzed. Finally, we illustrate our theoretical results by some numerical examples.