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WCVaR Based Integrated Optimization of Supply Chain Procurement and Distribution Decision under Customers’ Time Preference
TAO Jin,GUAN Zhimin,QIU Ruozhen
Northeastern University, Shenyang, China

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Abstract  Under the uncertainties of both business-as-usual factors and catastrophic events, the supply chain procurement and distribution integrated optimization problem is studied based on the decision maker’s risk aversion and customers’ time preference behaviors using resilient strategies including multi-sourcing, alternative source supply and transshipment. A stochastic chance constrained programming model is proposed as along with the solutions. The results show that the optimization model based on WCVaR measure is more suitable for risk averse decision makers as it makes the supply chain profit and service level more robust. The risk averse decision makers should pay more attention to the response and control of the upstream uncertainty rather than that of the downstream. Both the extension of product epidemic period and the decrease of the customer’s sensitivity to long-term and short-term product value perception contribute to the supply chain profitability. Decision suggestions are also provided to practitioners according to sensitivity analysis.
Key wordssupply chain integrated optimization      risk averse      time preference      WCVaR      hyperbolic discounting function     
Received: 14 November 2016     
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