JOURNAL ARTICLE
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Langfristige Lieferverträge im internationalen Ressourcenhandel
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 108 (1988), Iss. 2 : pp. 195–225
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Siebert, Horst
Abstract
Long-run sales contracts are an important institutional arrangement of the resource industry allowing the resource firms to shift risk. The paper analyzes the impact of long-run contracts on the time profile of extraction and their properties with respect to risk allocation. A theoretical frame of reference for risk allocation is developed and different types of contracts such as backward and forward integration or take-or-pay contracts are analyzed. Long-run contracts are evaluated in the context of other mechanisms of coordination such as spot and future markets. Finally, the problem of the stability of long-run relational contracts is analyzed.