Zusammenstellung der Aus- und Durchfuhrverbote

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Monograph

Identifikator:: 1009137581

URN:: urn:nbn:de:zbw-retromon-42841

Document type:: Monograph

Author:: Repenning, Otto http://d-nb.info/gnd/127834125

Title:: Zusammenstellung der Aus- und Durchfuhrverbote

Place of publication:: Berlin

Publisher:: R. v. Decker's Verlag G. Schenck, Kgl. Hofbuchhändler

Year of publication:: 1917

Scope:: 1 Online-Ressource (VII, 386 Seiten)

Digitisation:: 2017

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: III. Die Aus- und Durchfuhrverbote nach dem Statistischen Warenverzeichnis

Collection:: Economics Books

Sec. 12] THE RISK ELEMENT 285 The market quotations for any product are constantly being changed and revised, not so much through the opera- tion of the first three principles as through the fourth — the constantly changing outlook into the future. Every rumor as to crops, every storm or pest which is known to have destroyed them, changes the expectation of future in- come. Since the third and fourth causes are both due to lack of foresight, they may be included, if desired, under the common head of “risk.” In Figure 11 the operation of these four causes is repre- sented as occurring successively in the order enumerated. The capital-value first rises along the discount curve AB, —————T 2X © D Fic. 11. constructed according to a particular rate of interest. When the first income coupon, so to speak, BC, is detached, the value falls to C, after which it travels again along the discount curve CD, rising suddenly when a certain expected cost DE has been gotten rid of, then following EF again, whereupon, in consequence of a sudden and unexpected rise in the rate of interest, it falls to @, after which it ascends according to the steeper discount curve GH, and then, in consequence of a change in the estimate of future income, falls again to I, after which it proceeds along another dis- count curve to J, and so on indefinitely. The changes caused by actual income and outgo, we here represent by the continuous lines BC, DE, ete., and the changes due to a revised estimate of interest and of income we represent by the dotted lines FG, HI, ete.

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