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

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

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ADAM-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

@techreport{Adam-Muller2001dolla-12227, 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}, year={2001}, number={2001/06}, author={Adam-Müller, Axel F. A.} }

<rdf:RDF xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:bibo="http://purl.org/ontology/bibo/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:dcterms="http://purl.org/dc/terms/" xmlns:xsd="http://www.w3.org/2001/XMLSchema#" > <rdf:Description rdf:about="https://kops.uni-konstanz.de/rdf/resource/123456789/12227"> <bibo:uri rdf:resource="http://kops.uni-konstanz.de/handle/123456789/12227"/> <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> <dc:language>eng</dc:language> <dc:contributor>Adam-Müller, Axel F. A.</dc:contributor> <dcterms:issued>2001</dcterms:issued> <dc:date rdf:datatype="http://www.w3.org/2001/XMLSchema#dateTime">2011-03-25T09:43:37Z</dc:date> <dcterms:rights rdf:resource="http://nbn-resolving.org/urn:nbn:de:bsz:352-20140905103416863-3868037-7"/> <dc:rights>deposit-license</dc:rights> <dcterms:available rdf:datatype="http://www.w3.org/2001/XMLSchema#dateTime">2011-03-25T09:43:37Z</dcterms:available> <dc:creator>Adam-Müller, Axel F. A.</dc:creator> <dc:format>application/pdf</dc:format> <dcterms:title>What to do if a dollar is not a dollar? : The impact of inflation risk on production and risk management</dcterms:title> </rdf:Description> </rdf:RDF>

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