Knowledge Center Catalog

The supply and demand of marketing contracts under risk

By: Material type: ArticleArticleLanguage: En Publication details: 1981ISSN:
  • 0002-9092
Subject(s): DDC classification:
  • 82-763604
 In: American Journal of Agricultural Economics v. 63, no. 3, p. 503-50982-763604Summary: Extract: Bernoullian decision theory is used to characterize a firm's willingness to purchase or sell a good under contract. Contract supply and demand functions are then specified in which willingness to contract is related to contract-pricing provisions, to decision maker risk aversion, to open market opportunities, and to other factors. On the basis of these relations, a theory of exchange is proposed which incorporates decision making under risk. Implications of the analysis differ by contract type; cost-plus and fixed-price forward deliverable contracts are emphasized
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Extract: Bernoullian decision theory is used to characterize a firm's willingness to purchase or sell a good under contract. Contract supply and demand functions are then specified in which willingness to contract is related to contract-pricing provisions, to decision maker risk aversion, to open market opportunities, and to other factors. On the basis of these relations, a theory of exchange is proposed which incorporates decision making under risk. Implications of the analysis differ by contract type; cost-plus and fixed-price forward deliverable contracts are emphasized

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