Naslov
Shadow Price in Supply Chain Relationships

Autori
Tipurić, Darko ; Prester, Jasna

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
Proceedings of 20th POMS conference / - , 2009

Skup
20 th Production and Operations Management Society Conference

Mjesto i datum
Orlando (FL), Sjedinjene Američke Države, 01.05.2009. - 04.05.2009

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
Agency theory; Supply Chain; Supplier relationships; Prospect theory; Lagrange multipliers; Shadow price

Sažetak
Supply chain interactions can partly be described by Agency Theory. Yet according to Salanié (2003), Agency Theory has still not received enough empirical validation. We propose a validation in supply chain context. Although we do not enter into psychological or social reasons for partnering, we included subjective probability introduced by Kahnneman and Tversky in their seminal paper in Econometrica (1979), which led to evolution of Prospect Theory. Using Prospect theory’s Value functions in classical derivation of the optimal contract, we derive the analytical form of the Lagrange multiplier (shadow price) which we then test and empirically derive the value of this multiplier in a large scale supply chain survey.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA