Teoría de la empresa bajo incertidumbre con mercado de futuros: el papel de los costes fijos y de un impuesto sobre los beneficios

Abstract

The seminal model for the competitive firm under price uncertainty presented by Sandmo (1971) is enhanced by Holthausen (1979) by considering a forward market for the output produced by the firm. Our paper examines two aspects not studied in Holthausen’s paper: the effect of a variation in fixed costs and the consideration of a profit tax. In addition, we proof our results, including those originally obtained by Holthausen, with methods which are new for this model; these methods generalize and enhance those of Lippman y McCall (1982).