Flexibility and risk in the firm
分析了价格风险、决策者风险态度与企业生产灵活性之间的关系，发现风险增加和风险厌恶通常导致企业选择更不灵活的组织，但若投入或产出约束不确定，则可能相反。
This paper analyses the role of use flexibility in investment and production decisions under risk. The underlying relationships between price risk, risk attitudes of the decision maker, and the degree of use flexibility chosen for a firm are derived from an ex ante—ex post—expected value variance model. It is shown that increasing output price risk and risk aversion lead firms to choose a less flexible organization. However, if production input or output constraints are uncertain, the firm may choose a more flexible organization in response to increases in risk and risk aversion. Thus, it is concluded that the preference for flexible investment designs changes as the source of risk changes.