Table 1: Simulation parameters.

VariableValueVariable description

400The carrier’s total capacity
The forwarder’s initial reference price
200The mean of downstream customer’s demand
20The standard deviation of downstream customer’s demand
8The operation cost in the contract market
10The operation cost in the spot market
40The mean of capacity price in the spot market
5The standard deviation of capacity price in the spot market
0.8The risk factor in the spot market
10 The forwarder’s cost-plus ratio
0.4 The forwarder’s memory effect
5The carrier capacity holding cost