Double-sided price adjustment flexibility with a preemptive right to exercise
Abstract This paper proposes a double-sided flexibility in adjusting the lease price as an alternative, more accessible tool for managing revenues or controlling costs in volatile markets. The double-sided flexibility addresses the dilemma of allowing only one party of a lease contract to have the p...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Al sharif, Ahmed A. A. [verfasserIn] |
|---|
| Format: |
Artikel |
|---|---|
| Sprache: |
Englisch |
| Erschienen: |
2014 |
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| Schlagwörter: |
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| Anmerkung: |
© Springer Science+Business Media New York 2014 |
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| Übergeordnetes Werk: |
Enthalten in: Annals of operations research - Springer US, 1984, 226(2014), 1 vom: 25. Juni, Seite 29-50 |
|---|---|
| Übergeordnetes Werk: |
volume:226 ; year:2014 ; number:1 ; day:25 ; month:06 ; pages:29-50 |
| Links: |
|---|
| DOI / URN: |
10.1007/s10479-014-1659-6 |
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| Katalog-ID: |
OLC2111163635 |
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| 520 | |a Abstract This paper proposes a double-sided flexibility in adjusting the lease price as an alternative, more accessible tool for managing revenues or controlling costs in volatile markets. The double-sided flexibility addresses the dilemma of allowing only one party of a lease contract to have the price adjustment flexibility while both parties want it. Although the proposed clause grants both contract parties the right to adjust the lease price for one time during the contract life, one party can enjoy superior flexibility over the counterparty by buying a preemptive right to exercise it. The paper models the double-sided flexibility as sequentially compounded real options and optimizes the exercise decision for each option owner. The proposed flexibility clause is embedded in time charter contracts in the maritime transport industry to illustrate the effectiveness of it in helping manage the price risk of lease contracts. | ||
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10.1007/s10479-014-1659-6 doi (DE-627)OLC2111163635 (DE-He213)s10479-014-1659-6-p DE-627 ger DE-627 rakwb eng 004 VZ 3,2 ssgn Al sharif, Ahmed A. A. verfasserin aut Double-sided price adjustment flexibility with a preemptive right to exercise 2014 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer Science+Business Media New York 2014 Abstract This paper proposes a double-sided flexibility in adjusting the lease price as an alternative, more accessible tool for managing revenues or controlling costs in volatile markets. The double-sided flexibility addresses the dilemma of allowing only one party of a lease contract to have the price adjustment flexibility while both parties want it. Although the proposed clause grants both contract parties the right to adjust the lease price for one time during the contract life, one party can enjoy superior flexibility over the counterparty by buying a preemptive right to exercise it. The paper models the double-sided flexibility as sequentially compounded real options and optimizes the exercise decision for each option owner. The proposed flexibility clause is embedded in time charter contracts in the maritime transport industry to illustrate the effectiveness of it in helping manage the price risk of lease contracts. Real options Procurement/lease contracts Price risk Price flexibility Risk management Pricing Qin, Ruwen aut Enthalten in Annals of operations research Springer US, 1984 226(2014), 1 vom: 25. Juni, Seite 29-50 (DE-627)12964370X (DE-600)252629-3 (DE-576)018141862 0254-5330 volume:226 year:2014 number:1 day:25 month:06 pages:29-50 https://doi.org/10.1007/s10479-014-1659-6 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW SSG-OLC-MAT AR 226 2014 1 25 06 29-50 |
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Abstract This paper proposes a double-sided flexibility in adjusting the lease price as an alternative, more accessible tool for managing revenues or controlling costs in volatile markets. The double-sided flexibility addresses the dilemma of allowing only one party of a lease contract to have the price adjustment flexibility while both parties want it. Although the proposed clause grants both contract parties the right to adjust the lease price for one time during the contract life, one party can enjoy superior flexibility over the counterparty by buying a preemptive right to exercise it. The paper models the double-sided flexibility as sequentially compounded real options and optimizes the exercise decision for each option owner. The proposed flexibility clause is embedded in time charter contracts in the maritime transport industry to illustrate the effectiveness of it in helping manage the price risk of lease contracts. © Springer Science+Business Media New York 2014 |
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Abstract This paper proposes a double-sided flexibility in adjusting the lease price as an alternative, more accessible tool for managing revenues or controlling costs in volatile markets. The double-sided flexibility addresses the dilemma of allowing only one party of a lease contract to have the price adjustment flexibility while both parties want it. Although the proposed clause grants both contract parties the right to adjust the lease price for one time during the contract life, one party can enjoy superior flexibility over the counterparty by buying a preemptive right to exercise it. The paper models the double-sided flexibility as sequentially compounded real options and optimizes the exercise decision for each option owner. The proposed flexibility clause is embedded in time charter contracts in the maritime transport industry to illustrate the effectiveness of it in helping manage the price risk of lease contracts. © Springer Science+Business Media New York 2014 |
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<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01000naa a22002652 4500</leader><controlfield tag="001">OLC2111163635</controlfield><controlfield tag="003">DE-627</controlfield><controlfield tag="005">20230502202815.0</controlfield><controlfield tag="007">tu</controlfield><controlfield tag="008">230502s2014 xx ||||| 00| ||eng c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1007/s10479-014-1659-6</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627)OLC2111163635</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-He213)s10479-014-1659-6-p</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rakwb</subfield></datafield><datafield tag="041" ind1=" " ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="082" ind1="0" ind2="4"><subfield code="a">004</subfield><subfield code="q">VZ</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">3,2</subfield><subfield code="2">ssgn</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Al sharif, Ahmed A. A.</subfield><subfield code="e">verfasserin</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Double-sided price adjustment flexibility with a preemptive right to exercise</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="c">2014</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">Text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">ohne Hilfsmittel zu benutzen</subfield><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Band</subfield><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">© Springer Science+Business Media New York 2014</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">Abstract This paper proposes a double-sided flexibility in adjusting the lease price as an alternative, more accessible tool for managing revenues or controlling costs in volatile markets. The double-sided flexibility addresses the dilemma of allowing only one party of a lease contract to have the price adjustment flexibility while both parties want it. Although the proposed clause grants both contract parties the right to adjust the lease price for one time during the contract life, one party can enjoy superior flexibility over the counterparty by buying a preemptive right to exercise it. The paper models the double-sided flexibility as sequentially compounded real options and optimizes the exercise decision for each option owner. The proposed flexibility clause is embedded in time charter contracts in the maritime transport industry to illustrate the effectiveness of it in helping manage the price risk of lease contracts.</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Real options</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Procurement/lease contracts</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Price risk</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Price flexibility</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Risk management</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Pricing</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Qin, Ruwen</subfield><subfield code="4">aut</subfield></datafield><datafield tag="773" ind1="0" ind2="8"><subfield code="i">Enthalten in</subfield><subfield code="t">Annals of operations research</subfield><subfield code="d">Springer US, 1984</subfield><subfield code="g">226(2014), 1 vom: 25. Juni, Seite 29-50</subfield><subfield code="w">(DE-627)12964370X</subfield><subfield code="w">(DE-600)252629-3</subfield><subfield code="w">(DE-576)018141862</subfield><subfield code="x">0254-5330</subfield></datafield><datafield tag="773" ind1="1" ind2="8"><subfield code="g">volume:226</subfield><subfield code="g">year:2014</subfield><subfield code="g">number:1</subfield><subfield code="g">day:25</subfield><subfield code="g">month:06</subfield><subfield code="g">pages:29-50</subfield></datafield><datafield tag="856" ind1="4" ind2="1"><subfield code="u">https://doi.org/10.1007/s10479-014-1659-6</subfield><subfield code="z">lizenzpflichtig</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_USEFLAG_A</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">SYSFLAG_A</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_OLC</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">SSG-OLC-WIW</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">SSG-OLC-MAT</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">AR</subfield></datafield><datafield tag="952" ind1=" " ind2=" "><subfield code="d">226</subfield><subfield code="j">2014</subfield><subfield code="e">1</subfield><subfield code="b">25</subfield><subfield code="c">06</subfield><subfield code="h">29-50</subfield></datafield></record></collection>
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