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The Supply and Demand of Marketing Contracts under Risk

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  • Steven T. Buccola

Abstract

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.

Suggested Citation

  • Steven T. Buccola, 1981. "The Supply and Demand of Marketing Contracts under Risk," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 63(3), pages 503-509.
    • Handle: RePEc:oup:ajagec:v:63:y:1981:i:3:p:503-509.
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    File URL: http://hdl.handle.net/10.2307/1240541
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    Cited by:

    1. Buccola, Steven T., 1984. "Pricing Efficiency And Information Use In Risky Markets," 1984 Annual Meeting, August 5-8, Ithaca, New York 278986, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Dubman, Robert W., 1988. "Establishing Peanut Purchasing Contract Terms With Uncertain Market Prices And Input Supplies," Journal of Food Distribution Research, Food Distribution Research Society, vol. 19(1), pages 1-14, February.
    3. Campbell, Robert B. & Turnovsky, Stephen J., 1985. "An analysis of the stabilizing and welfare effects of intervention in spot and futures markets," Journal of Public Economics, Elsevier, vol. 28(2), pages 165-209, November.
    4. Azzeddine Azzam & Gibson Nene & Karina Schoengold, 2015. "Hog Industry Structure and the Stringency of Environmental Regulation," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 63(3), pages 333-358, September.
    5. Dubman, Robert W. & Miller, Bill R., 1987. "Forward Contracting With Uncertain Input Supplies: A Risk Programming Approach," 1987 Annual Meeting, August 2-5, East Lansing, Michigan 270130, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    6. Schoney, R. A., 1990. "An Analysis of Wheat Supply Response Under Risk and Uncertainty," Working Papers 244030, Agriculture and Agri-Food Canada.

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