G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9266
DP9266 How to use demand systems to evaluate risky projects, with an application to automobile production
Richard Friberg
发表日期2012-12-16
出版年2012
语种英语
摘要This article introduces a method to quantify the effect of a firm?s strategic choices on the risk profile of its profits at different horizons. We combine a demand system for differentiated products with counterfactual paths of risk factors. Prices, costs and quantities respond endogenously to the counterfactual state of the world. The draws on risk factors are generated using copulas, in a way that flexibly can be adapted to the risks faced in various industries. We illustrate the method by studying how the US operations of German carmakers BMW and Porsche are affected by the decision to relocate production, i.e. operational hedging. We find that for plausible costs of building a plant, production in the US is attractive for BMW, but not for Porsche.
主题Industrial Organization
关键词Demand estimation Exchange rate exposure Operational hedging Risk management
URLhttps://cepr.org/publications/dp9266
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/538100
推荐引用方式
GB/T 7714
Richard Friberg. DP9266 How to use demand systems to evaluate risky projects, with an application to automobile production. 2012.
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