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考虑双源采购的双寡头制造商进行古诺竞争,根据两制造商选取风险管理策略的不同共有三种竞争结构:(SS)两制造商都采取现货交易策略,(HH)两制造商都采取套期保值策略,(SH)一个制造商采取现货交易策略而另一个制造商采取套期保值策略.文章分别推导出三种竞争结构下的均衡策略及其效用并结合我国工程机械行业的实际数据给出均衡竞争结构.研究发现终端市场需求规模的大小对竞争结构影响显著,而制造商的风险态度和市场需求波动率对竞争结构没有影响.文章还发现在不对称竞争的情况下较低的远期合约价格不一定使得两制造商同时采用远期合约采购原材料.
Considering the dual-sourced duopoly manufacturers compete for Cournot competition, there are three types of competition structures according to the two risk-management strategies chosen by the two manufacturers: (SS) Both manufacturers adopt spot trading strategy (HH) Both manufacturers adopt hedging (SH) One manufacturer adopts the spot trading strategy while the other manufacturer adopts the hedging strategy.The article deduces the equilibrium strategy and its utility under the three kinds of competitive structures and the actual data of China’s construction machinery industry respectively Equilibrium competition structure.It is found that the size of the demand scale of the terminal market has a significant impact on the competition structure and the risk attitude of the manufacturer and the market demand volatility have no effect on the competition structure.The article also finds that in the case of asymmetric competition, The contract price does not necessarily allow both manufacturers to purchase raw materials using forward contracts.