Theory of the Firm with Joint Price and Output Risk and a Forward Market
比较了仅面临价格风险与同时面临价格和数量风险的农户在有无远期市场时的行为差异，发现价格与产出的协方差会影响农户的最优生产规模和远期头寸。
Abstract Expected utility maximizing farmers facing just price risk or both price risk and quantity risk behave similarly in the absence of a forward market. If forward contracting is possible, that is not true because variation in the commodity price affects a farmer's wealth through the value of his futures position, the value of his output and through the covariance between price and output. This covariance affects a farmer's optimal scale of production, his optimal forward position and the interrelationship between the scale of production and forward trading.