haku: @author Chung, K. H / yhteensä: 1
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| Tekijä: | Chung, K. H |
| Otsikko: | Cost-volume-profit analysis under uncertainty when the firm has production flexibility. |
| Lehti: | Journal of Business Finance and Accounting
1993 : JUN, VOL. 20:4, p. 583-592 |
| Asiasana: | COST-PRICE-VOLUME ANALYSIS MARKETING THEORY MODELS |
| Kieli: | eng |
| Tiivistelmä: | This study examines the behavior of the firm which faces uncertainty in demand but can adjust its output once the uncertainty is resolved, using contingent-claims analysis. The paper finds that (i) the optimal output of the firm with ex post adjustment capability is less than that of the firm without production flexibility; (ii) the optimal ex ante output increases with the higher interest rate; (iii) the greater the marginal cost associated with the ex post adjustment and/or salvage value, the greater the optimal ex ante output; and (iv) the effect of demand volatility and production lead time on the optimal ex ante output could be either positive or negative. |
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