Publikation:

What to do if a dollar is not a dollar? : The impact of inflation risk on production and risk management

Vorschaubild

Dateien

dp0106.pdf
dp0106.pdfGröße: 2.39 MBDownloads: 286

Datum

2001

Autor:innen

Adam-Müller, Axel F. A.

Herausgeber:innen

Kontakt

ISSN der Zeitschrift

Electronic ISSN

ISBN

Bibliografische Daten

Verlag

Schriftenreihe

Auflagebezeichnung

URI (zitierfähiger Link)
http://nbn-resolving.de/urn:nbn:de:bsz:352-opus-7135
DOI (zitierfähiger Link)
ArXiv-ID

Internationale Patentnummer

Link zur Lizenz
Urheberrechtlich geschützt

Angaben zur Forschungsförderung

Projekt

Open Access-Veröffentlichung
Open Access Green

Sammlungen

Wirtschaftswissenschaften: Publikationen
Core Facility der Universität Konstanz

Gesperrt bis

Titel in einer weiteren Sprache

Publikationstyp
Working Paper/Technical Report
Publikationsstatus
Published

Erschienen in

Zusammenfassung

An entrepreneur faces two types of risk, one from income generation, one from income spending. His income from firm profits is risky due to output price fluctuations and other risks. As a consumer, he is also exposed to inflation risk since he maximizes expected utility of real income. This paper focuses on optimal production and risk management decisions of a risk-averse entrepreneur jointly facing tradable output price risk and untradable inflation risk. Inflation risk applies multiplicatively to the entrepreneur's entire nominal income. Relative risk aversion and the risks' joint distribution determine the effect of introducing a futures market on production. For dependent risks, this effect may be negative if relative risk aversion is above one. Relative risk aversion and the joint distribution also determine optimal risk management with futures contracts where speculation on a real risk premium and cross hedging may be conflicting objectives.

Zusammenfassung in einer weiteren Sprache

Fachgebiet (DDC)
330 Wirtschaft

Schlagwörter

inflation risk, output price risk, production, futures market, relative risk

Konferenz

Rezension
undefined / . - undefined, undefined

Forschungsvorhaben

Organisationseinheiten

Zeitschriftenheft

Zugehörige Datensätze in KOPS

Zitieren

ISO 690ADAM-MÜLLER, Axel F. A., 2001. What to do if a dollar is not a dollar? : The impact of inflation risk on production and risk management
BibTex
@techreport{AdamMuller2001dolla-12227,
  year={2001},
  series={CoFE-Diskussionspapiere / Zentrum für Finanzen und Ökonometrie},
  title={What to do if a dollar is not a dollar? : The impact of inflation risk on production and risk management},
  number={2001/06},
  author={Adam-Müller, Axel F. A.}
}
RDF
<rdf:RDF
    xmlns:dcterms="http://purl.org/dc/terms/"
    xmlns:dc="http://purl.org/dc/elements/1.1/"
    xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#"
    xmlns:bibo="http://purl.org/ontology/bibo/"
    xmlns:dspace="http://digital-repositories.org/ontologies/dspace/0.1.0#"
    xmlns:foaf="http://xmlns.com/foaf/0.1/"
    xmlns:void="http://rdfs.org/ns/void#"
    xmlns:xsd="http://www.w3.org/2001/XMLSchema#" > 
  <rdf:Description rdf:about="https://kops.uni-konstanz.de/server/rdf/resource/123456789/12227">
    <dcterms:rights rdf:resource="https://rightsstatements.org/page/InC/1.0/"/>
    <void:sparqlEndpoint rdf:resource="http://localhost/fuseki/dspace/sparql"/>
    <foaf:homepage rdf:resource="http://localhost:8080/"/>
    <dcterms:title>What to do if a dollar is not a dollar? : The impact of inflation risk on production and risk management</dcterms:title>
    <bibo:uri rdf:resource="http://kops.uni-konstanz.de/handle/123456789/12227"/>
    <dspace:hasBitstream rdf:resource="https://kops.uni-konstanz.de/bitstream/123456789/12227/1/dp0106.pdf"/>
    <dc:rights>terms-of-use</dc:rights>
    <dc:format>application/pdf</dc:format>
    <dcterms:issued>2001</dcterms:issued>
    <dc:language>eng</dc:language>
    <dcterms:isPartOf rdf:resource="https://kops.uni-konstanz.de/server/rdf/resource/123456789/46"/>
    <dspace:isPartOfCollection rdf:resource="https://kops.uni-konstanz.de/server/rdf/resource/123456789/46"/>
    <dc:contributor>Adam-Müller, Axel F. A.</dc:contributor>
    <dcterms:hasPart rdf:resource="https://kops.uni-konstanz.de/bitstream/123456789/12227/1/dp0106.pdf"/>
    <dc:creator>Adam-Müller, Axel F. A.</dc:creator>
    <dcterms:abstract xml:lang="eng">An entrepreneur faces two types of risk, one from income generation, one from income  spending. His income from firm profits is risky due to output price fluctuations and other  risks. As a consumer, he is also exposed to inflation risk since he maximizes expected  utility of real income. This paper focuses on optimal production and risk management  decisions of a risk-averse entrepreneur jointly facing tradable output price risk and  untradable inflation risk. Inflation risk applies multiplicatively to the entrepreneur's  entire nominal income. Relative risk aversion and the risks' joint distribution determine  the effect of introducing a futures market on production. For dependent risks, this effect  may be negative if relative risk aversion is above one. Relative risk aversion and the joint  distribution also determine optimal risk management with futures contracts where speculation  on a real risk premium and cross hedging may be conflicting objectives.</dcterms:abstract>
    <dcterms:available rdf:datatype="http://www.w3.org/2001/XMLSchema#dateTime">2011-03-25T09:43:37Z</dcterms:available>
    <dc:date rdf:datatype="http://www.w3.org/2001/XMLSchema#dateTime">2011-03-25T09:43:37Z</dc:date>
  </rdf:Description>
</rdf:RDF>

Interner Vermerk

xmlui.Submission.submit.DescribeStep.inputForms.label.kops_note_fromSubmitter

Kontakt
URL der Originalveröffentl.

Prüfdatum der URL

Prüfungsdatum der Dissertation

Finanzierungsart

Kommentar zur Publikation

Allianzlizenz
Corresponding Authors der Uni Konstanz vorhanden
Internationale Co-Autor:innen
Universitätsbibliographie
Begutachtet
Diese Publikation teilen