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金融学教学bodie2echapter10.pptx

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?-::QualitativeRiskmanagement:?UncertaintyAnunrealizedeventisuncertainforanobserveratagiventimeifhe/ontractThevalueofmybidiscertaintomeBeforeunsealing,mybidisuncertaintoyouAfterunsealing,mybidisknowntoyou文档分享3WhatisRisk?UncertaintythatmattersRiskisuncertaintythat“matters”,becauseitaffectspeople’.:Youmanage“TheIntergalacticHerrings”andhaveachoicebetweentwocontractsfortheconcerthall1Paythehallowner$2foreachticketsold2Payaspecifiedlump-sumforthehallthathasalowerexpectedcostthan(1)es“Ticketsales”isthe“riskthatmatters”Whileeachfanmaybecertainaboutattendingornotattending,managementisnotfullyinformed,andisatriskbecauseifsalesareinfacthigherthanN*,itpaysmoreifitselectedchoice1ifsalesareinfactlowerthanN*,itpaysmoreifitselectedchoice2文档分享5NamingtheStrategies:ResearchThefirststrategyispurchasinginformationbyresearchThereisacostassociatedwithcollectinginformation,omakebetter-informeddecisionsInformationisoftencollectedincrementally,andadecisionismadeateachstepwhethertocontinuecollectingfurtherinformation文档分享6NamingtheStrategies:esclearercanbevaluableInthiscase,theoptionistherighttodelayselectionoftheexactcontractualtermsTheobligationtorentthehallmightbeagoodquidproquofortheoption文档分享7NamingtheStrategies:HedgingThethirdstrategycreatessecondarycontractsthatreduceoverallexposuretotheriskcreatedbytheprimarycontractAprimaryfixed-feerentalcontractcreatesaforwardpositionin(unknown)futuresales文档分享8RiskAversionHerring’sultimatecontractingstrategywilldependuponitslevelofriskaversionRiskaversionAmeasureofanindividual’swillingnesstopayforareductioninexposure

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