全球智库信息集成服务系统(G2TT): Hedging Price Volatility Using Fast Transport

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w15154
来源ID	Working Paper 15154
	Hedging Price Volatility Using Fast Transport
	David L. Hummels; Georg Schaur
发表日期	2009-07-09
出版年	2009
语种	英语
摘要	Purchasing goods from distant locations introduces a significant lag between when a product is shipped and when it arrives. This is problematic for firms facing volatile demand, who must place orders before knowing the resolution of demand uncertainty. We provide a model in which airplanes bring producers and consumers together in time. Fast transport allows firms to respond quickly to favorable demand realizations and to limit the risk of unprofitably large quantities during low demand periods. Fast transport thus provides firms with a real option to smooth demand volatility. The model predicts that the likelihood and extent to which firms employ air shipments is increasing in the volatility of demand they face, decreasing in the air premium they must pay, and increasing in the contemporaneous realization of demand. We confirm all three conjectures using detailed US import data. We provide simple calculations of the option value associated with fast transport and relate it to variation in goods characteristics, technological change, and policies that liberalize trade in air services.
主题	International Economics ; Trade ; International Finance ; International Macroeconomics ; Industrial Organization ; Industry Studies
URL	https://www.nber.org/papers/w15154
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/572829
推荐引用方式 GB/T 7714	David L. Hummels,Georg Schaur. Hedging Price Volatility Using Fast Transport. 2009.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w15154.pdf（304KB）	智库出版物		限制开放	CC BY-NC-SA	浏览