{"id":"https://openalex.org/W2331354852","doi":"https://doi.org/10.1109/tem.2016.2533575","title":"Integrated Contract and Spot Market Procurement by a Risk-Averse Buying Firm","display_name":"Integrated Contract and Spot Market Procurement by a Risk-Averse Buying Firm","publication_year":2016,"publication_date":"2016-03-14","ids":{"openalex":"https://openalex.org/W2331354852","doi":"https://doi.org/10.1109/tem.2016.2533575","mag":"2331354852"},"language":"en","primary_location":{"id":"doi:10.1109/tem.2016.2533575","is_oa":false,"landing_page_url":"https://doi.org/10.1109/tem.2016.2533575","pdf_url":null,"source":{"id":"https://openalex.org/S154533451","display_name":"IEEE Transactions on Engineering Management","issn_l":"0018-9391","issn":["0018-9391","1558-0040"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310319808","host_organization_name":"Institute of Electrical and Electronics Engineers","host_organization_lineage":["https://openalex.org/P4310319808"],"host_organization_lineage_names":["Institute of Electrical and Electronics Engineers"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"IEEE Transactions on Engineering Management","raw_type":"journal-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5101460095","display_name":"Santosh Mahapatra","orcid":"https://orcid.org/0000-0001-6385-6509"},"institutions":[{"id":"https://openalex.org/I16944753","display_name":"Clarkson University","ror":"https://ror.org/03rwgpn18","country_code":"US","type":"education","lineage":["https://openalex.org/I16944753"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Santosh Mahapatra","raw_affiliation_strings":["Operations and Information Systems, Clarkson University, Potsdam, NY, USA"],"affiliations":[{"raw_affiliation_string":"Operations and Information Systems, Clarkson University, Potsdam, NY, USA","institution_ids":["https://openalex.org/I16944753"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5016148133","display_name":"Arnab Bisi","orcid":"https://orcid.org/0000-0002-6352-8473"},"institutions":[{"id":"https://openalex.org/I145311948","display_name":"Johns Hopkins University","ror":"https://ror.org/00za53h95","country_code":"US","type":"education","lineage":["https://openalex.org/I145311948"]},{"id":"https://openalex.org/I161088229","display_name":"William Carey University","ror":"https://ror.org/03r7c7356","country_code":"US","type":"education","lineage":["https://openalex.org/I161088229"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Arnab Bisi","raw_affiliation_strings":["Johns Hopkins Carey Business School, Baltimore, MD, USA"],"affiliations":[{"raw_affiliation_string":"Johns Hopkins Carey Business School, Baltimore, MD, USA","institution_ids":["https://openalex.org/I145311948","https://openalex.org/I161088229"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5069301005","display_name":"Ram Narasimhan","orcid":null},"institutions":[{"id":"https://openalex.org/I138216421","display_name":"Eastern Michigan University","ror":"https://ror.org/02ehshm78","country_code":"US","type":"education","lineage":["https://openalex.org/I138216421"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Ram Narasimhan","raw_affiliation_strings":["Eli Braos School of Business, Michigna State University, East Lansing, MI, USA"],"affiliations":[{"raw_affiliation_string":"Eli Braos School of Business, Michigna State University, East Lansing, MI, USA","institution_ids":["https://openalex.org/I138216421"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5048271911","display_name":"Shlomo Levental","orcid":null},"institutions":[{"id":"https://openalex.org/I87216513","display_name":"Michigan State University","ror":"https://ror.org/05hs6h993","country_code":"US","type":"education","lineage":["https://openalex.org/I87216513"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Shlomo Levental","raw_affiliation_strings":["Department of Statistics and Probability, Michigna State University, East Lansing, MI, USA"],"affiliations":[{"raw_affiliation_string":"Department of Statistics and Probability, Michigna State University, East Lansing, MI, USA","institution_ids":["https://openalex.org/I87216513"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":4,"corresponding_author_ids":["https://openalex.org/A5101460095"],"corresponding_institution_ids":["https://openalex.org/I16944753"],"apc_list":null,"apc_paid":null,"fwci":2.3472,"has_fulltext":false,"cited_by_count":15,"citation_normalized_percentile":{"value":0.89247745,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":90,"max":97},"biblio":{"volume":"63","issue":"2","first_page":"151","last_page":"164"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10328","display_name":"Supply Chain and Inventory Management","score":0.9995999932289124,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10328","display_name":"Supply Chain and Inventory Management","score":0.9995999932289124,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11182","display_name":"Auction Theory and Applications","score":0.9955000281333923,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":0.9835000038146973,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/procurement","display_name":"Procurement","score":0.8994651436805725},{"id":"https://openalex.org/keywords/spot-market","display_name":"Spot market","score":0.771243691444397},{"id":"https://openalex.org/keywords/spot-contract","display_name":"Spot contract","score":0.7590328454971313},{"id":"https://openalex.org/keywords/forward-contract","display_name":"Forward contract","score":0.634334921836853},{"id":"https://openalex.org/keywords/microeconomics","display_name":"Microeconomics","score":0.582046389579773},{"id":"https://openalex.org/keywords/risk-aversion","display_name":"Risk aversion (psychology)","score":0.5779120326042175},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.567077100276947},{"id":"https://openalex.org/keywords/industrial-organization","display_name":"Industrial organization","score":0.5367407202720642},{"id":"https://openalex.org/keywords/commodity","display_name":"Commodity","score":0.46252450346946716},{"id":"https://openalex.org/keywords/product","display_name":"Product (mathematics)","score":0.43900245428085327},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.3568217158317566},{"id":"https://openalex.org/keywords/expected-utility-hypothesis","display_name":"Expected utility hypothesis","score":0.3253474235534668},{"id":"https://openalex.org/keywords/marketing","display_name":"Marketing","score":0.20113888382911682},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.1550707221031189},{"id":"https://openalex.org/keywords/financial-economics","display_name":"Financial economics","score":0.14283785223960876}],"concepts":[{"id":"https://openalex.org/C201650216","wikidata":"https://www.wikidata.org/wiki/Q829492","display_name":"Procurement","level":2,"score":0.8994651436805725},{"id":"https://openalex.org/C2776789725","wikidata":"https://www.wikidata.org/wiki/Q1572221","display_name":"Spot market","level":3,"score":0.771243691444397},{"id":"https://openalex.org/C175223733","wikidata":"https://www.wikidata.org/wiki/Q1047888","display_name":"Spot contract","level":3,"score":0.7590328454971313},{"id":"https://openalex.org/C38904191","wikidata":"https://www.wikidata.org/wiki/Q744762","display_name":"Forward contract","level":3,"score":0.634334921836853},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.582046389579773},{"id":"https://openalex.org/C129915516","wikidata":"https://www.wikidata.org/wiki/Q17083550","display_name":"Risk aversion (psychology)","level":3,"score":0.5779120326042175},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.567077100276947},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.5367407202720642},{"id":"https://openalex.org/C2779439359","wikidata":"https://www.wikidata.org/wiki/Q317088","display_name":"Commodity","level":2,"score":0.46252450346946716},{"id":"https://openalex.org/C90673727","wikidata":"https://www.wikidata.org/wiki/Q901718","display_name":"Product (mathematics)","level":2,"score":0.43900245428085327},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3568217158317566},{"id":"https://openalex.org/C205706631","wikidata":"https://www.wikidata.org/wiki/Q2319304","display_name":"Expected utility hypothesis","level":2,"score":0.3253474235534668},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.20113888382911682},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.1550707221031189},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.14283785223960876},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C119599485","wikidata":"https://www.wikidata.org/wiki/Q43035","display_name":"Electrical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0},{"id":"https://openalex.org/C2524010","wikidata":"https://www.wikidata.org/wiki/Q8087","display_name":"Geometry","level":1,"score":0.0},{"id":"https://openalex.org/C106306483","wikidata":"https://www.wikidata.org/wiki/Q183984","display_name":"Futures contract","level":2,"score":0.0},{"id":"https://openalex.org/C206658404","wikidata":"https://www.wikidata.org/wiki/Q12725","display_name":"Electricity","level":2,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1109/tem.2016.2533575","is_oa":false,"landing_page_url":"https://doi.org/10.1109/tem.2016.2533575","pdf_url":null,"source":{"id":"https://openalex.org/S154533451","display_name":"IEEE Transactions on Engineering Management","issn_l":"0018-9391","issn":["0018-9391","1558-0040"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310319808","host_organization_name":"Institute of Electrical and Electronics Engineers","host_organization_lineage":["https://openalex.org/P4310319808"],"host_organization_lineage_names":["Institute of Electrical and Electronics Engineers"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"IEEE Transactions on Engineering Management","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":39,"referenced_works":["https://openalex.org/W391666561","https://openalex.org/W587304992","https://openalex.org/W591479323","https://openalex.org/W1583415077","https://openalex.org/W1971019835","https://openalex.org/W1972062454","https://openalex.org/W1975247423","https://openalex.org/W1986808060","https://openalex.org/W1992662032","https://openalex.org/W1992892021","https://openalex.org/W1993495500","https://openalex.org/W1995254679","https://openalex.org/W1995503011","https://openalex.org/W2005158847","https://openalex.org/W2008975798","https://openalex.org/W2015218170","https://openalex.org/W2024483834","https://openalex.org/W2035792220","https://openalex.org/W2037720234","https://openalex.org/W2052714116","https://openalex.org/W2055667918","https://openalex.org/W2067124292","https://openalex.org/W2072389738","https://openalex.org/W2093744780","https://openalex.org/W2094912324","https://openalex.org/W2101997935","https://openalex.org/W2121177848","https://openalex.org/W2123879211","https://openalex.org/W2158865398","https://openalex.org/W2161107483","https://openalex.org/W2168694211","https://openalex.org/W2184829113","https://openalex.org/W2231793871","https://openalex.org/W3021871942","https://openalex.org/W3122705134","https://openalex.org/W3123936966","https://openalex.org/W3124712268","https://openalex.org/W3143969212","https://openalex.org/W4365787967"],"related_works":["https://openalex.org/W1995842283","https://openalex.org/W2155730455","https://openalex.org/W3124419189","https://openalex.org/W2029612111","https://openalex.org/W1993495500","https://openalex.org/W2086784031","https://openalex.org/W3124712268","https://openalex.org/W1981747136","https://openalex.org/W2146341240","https://openalex.org/W1508576965"],"abstract_inverted_index":{"We":[0,94,116],"study":[1],"the":[2,44,58,76,84,98,113,119,135,143,148],"problem":[3,52],"of":[4,48,54,60,134,146,151],"optimally":[5],"integrating":[6,147],"contractual":[7],"and":[8,33,46,90,105,128],"spot":[9,68,129],"market":[10,130],"procurement":[11,49,65,78,114,124,152,161],"sources":[12,30,86,150],"for":[13,87],"a":[14,20,24,154,158],"risk-averse":[15,39],"buying":[16],"firm":[17,40],"that":[18,63,118],"purchases":[19],"commodity":[21],"product":[22],"at":[23],"specified":[25,88,104],"rate":[26],"over":[27,153],"time.":[28],"The":[29,38,51,132],"involve":[31],"deterministic":[32],"stochastic":[34],"price":[35,89,100],"processes,":[36],"respectively.":[37],"is":[41,53,102,108],"concerned":[42],"about":[43],"magnitude":[45],"uncertainty":[47],"expenses.":[50],"increasing":[55],"significance":[56],"with":[57],"emergence":[59],"electronic":[61],"markets":[62],"facilitate":[64],"from":[66,125],"competitive":[67],"(open)":[69],"market.":[70],"Models":[71],"are":[72],"developed":[73],"to":[74,112],"determine":[75],"optimal":[77,120],"policy":[79],"in":[80],"continuous":[81],"time":[82],"across":[83],"two":[85,149],"risk":[91],"aversion":[92],"parameters.":[93],"examine":[95],"cases":[96],"when":[97,106],"contract":[99,127],"parameter":[101],"exogenously":[103],"it":[107],"endogenously":[109],"adjusted":[110],"according":[111],"policy.":[115],"show":[117],"strategy":[121],"prescribes":[122],"simultaneous":[123],"both":[126],"sources.":[131],"applications":[133],"model":[136],"on":[137],"illustrative":[138],"datasets":[139],"provide":[140],"insights":[141],"into":[142],"relative":[144],"advantages":[145],"\u201cpure":[155,159],"contract\u201d":[156],"or":[157],"market\u201d":[160],"source.":[162]},"counts_by_year":[{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":2},{"year":2022,"cited_by_count":3},{"year":2020,"cited_by_count":3},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":2},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":1}],"updated_date":"2025-11-06T03:46:38.306776","created_date":"2025-10-10T00:00:00"}