Artikel
Production flexibility and hedging
We extend the analysis on hedging with price and output uncertainty by endogenizing the output decision. Specifically, we consider the joint determination of output and hedging in the case of flexibility in production. We show that the risk-averse firm always maintains a short position in the futures market when the futures price is actuarially fair. Moreover, in the context of an example, we show that the presence of production flexibility reduces the incentive to hedge for all risk averse agents.
- Sprache
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Englisch
- Erschienen in
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Journal: Risks ; ISSN: 2227-9091 ; Volume: 3 ; Year: 2015 ; Issue: 4 ; Pages: 543-552 ; Basel: MDPI
- Klassifikation
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Wirtschaft
- Thema
-
hedging
full-hedging result
production flexibility
price and output uncertainty
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Dionne, Georges
Santugini, Marc
- Ereignis
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Veröffentlichung
- (wer)
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MDPI
- (wo)
-
Basel
- (wann)
-
2015
- DOI
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doi:10.3390/risks3040543
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Dionne, Georges
- Santugini, Marc
- MDPI
Entstanden
- 2015
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