PRICE CONSTRAINTS, FORWARD MARKETS AND THE COMPETITIVE FIRM UNDER PRICE UNCERTAINTY*
作者:
Leonard F. S. Wang,
期刊:
Bulletin of Economic Research
(WILEY Available online 1983)
卷期:
Volume 35,
issue 1
页码: 47-55
ISSN:0307-3378
年代: 1983
DOI:10.1111/j.1467-8586.1983.tb00445.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
ABSTRACTThis article proposes a model of the competitive firm simultaneously facing price constraints and forward markets under price uncertainty. The incorporation of a forward market is shown to be very important because a risk‐averse firm will set its production decision to the forward price regardless of its attitude toward risk. In addition, we show that risk aversion is a sufficient condition for a decrease in risk to reduce the amount hedged when risk is reduced through a mean‐preserving price sque
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