Econ Papers Daily / 期刊论文
纸浆摩擦：分散市场中数量合约的价值
Pulp Friction: The Value of Quantity Contracts in Decentralized Markets
摘要
Firms in decentralized markets often trade using quantity contracts, agreements specifying quantity prior to the point of sale. These contracts are valuable because they provide quantity assurance, as trading frictions could prevent a buyer and seller from matching in the spot market. However, quantity contracts prevent sellers from optimally allocating production across buyers after market conditions realize. Using proprietary invoice data, we estimate a model of quantity contracts in the pulp and paper industry. The average value of a quantity contract is 10% of profits, but would be 55% larger if sellers could optimally allocate production after market conditions realize.
中文摘要
摘要 在分散市场中，企业常采用数量合同进行交易，即在销售前约定具体数量的协议。此类合同因能提供数量保障而具有价值——交易摩擦可能导致买卖双方在现货市场中无法匹配。然而，数量合同会阻碍卖方在市场条件实现后，将生产在买方之间进行最优配置。我们利用专有发票数据，对纸浆与造纸行业中的数量合同模型进行了估计。数量合同的平均价值相当于利润的10%，但若卖方能在市场条件实现后实现生产的最优配置，该价值将提升55%。