看跌期权在集装箱租赁契约中的应用研究

摘要

This paper introduced put options in a single-period two-stage supply contact with one carrier and one rental company.A rental decision model was developed based on put option,then,the optiomal leasing container quantity was calculated and the function of optiomal execution option and profit was derived. Through an example, the conclusion were drawn that compared with Newsvendor model, put option contract could raise carrier’s profit, and with an increase of executeion option price and the accuracy of demand forecast, carrier’s profit tended to increase also.%本文将看跌期权引入到集装箱租赁契约中，针对单个集装箱租赁公司和单个承运人组成的单周期、两阶段集装箱租赁服务链，建立了基于看跌期权的承运人决策模型，推导出承运人的最优租箱量和最优期权执行量及其利润函数。同时，文章通过算例分析得出：在需求低迷情况下，与传统契约模型相比较，看跌期权的引入有利于提高承运人的利润，而且随着期权执行价格和需求信息更新准确性的提高，承运人的利润会逐渐增加。