Theory of the Firm with Joint Price and Output Risk and a Forward Market

Theory of the Firm with Joint Price and Output Risk and a Forward Market

Expected utility maximizing farmers facing just price risk or both price risk and quantity risk behave similarly in the absence of a forward market. If forward contracting is possible, that is not true because variation in the commodity price affects a farmer's wealth through the value of his f...

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Bibliographische Detailangaben
Veröffentlicht in:American Journal of Agricultural Economics. - Oxford University Press. - 67(1985), 3, Seite 630-635
1. Verfasser: Grant, Dwight (VerfasserIn)
Format: Online-Aufsatz
Sprache:English
Veröffentlicht: 1985
Zugriff auf das übergeordnete Werk:American Journal of Agricultural Economics
Schlagworte:forward markets futures markets risk theory of the firm uncertainty Economics Business Biological sciences Mathematics
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520 |a Expected utility maximizing farmers facing just price risk or both price risk and quantity risk behave similarly in the absence of a forward market. If forward contracting is possible, that is not true because variation in the commodity price affects a farmer's wealth through the value of his futures position, the value of his output and through the covariance between price and output. This covariance affects a farmer's optimal scale of production, his optimal forward position and the interrelationship between the scale of production and forward trading. 
540 |a Copyright 1984 American Agricultural Economics Association 
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952 |d 67  |j 1985  |e 3  |h 630-635