期刊名称：Dresden Discussion Paper Series in Economics / Dresden University of Technology, Faculty of Business Management and Economics
印刷版ISSN：0945-4829
出版年度：2007
卷号：1
出版社：Dresden
摘要：We study the impact of transparency in a commodity market on the decision problem of a competitive firm under price
uncertainty and hedging opportunities. Market transparency is modeled by means of the informational content of
publicly observable signals which are correlated with the random price. We find that the impact of more transparency
on labor employment and production depends on the firm¡¯s technology. Inparticular, more transparency may result in
lower average output even though on average more labor has been used in the production process. We also analyze the
link between market transparency and the welfare of the firm.
关键词：Transparency, information system, price uncertainty, hedging, competitive firm.
