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dc.contributor.authorWang, Shuang
dc.contributor.authorWallace, Stein William
dc.contributor.authorLu, Jing
dc.contributor.authorGu, Yewen
dc.date.accessioned2020-01-27T09:56:11Z
dc.date.available2020-01-27T09:56:11Z
dc.date.created2020-01-03T14:18:28Z
dc.date.issued2019
dc.identifier.citationTransportation Research Part E: Logistics and Transportation Review. 2019, 133 .nb_NO
dc.identifier.issn1366-5545
dc.identifier.urihttp://hdl.handle.net/11250/2638005
dc.description.abstractFinancial risks related to crude oil imports are certainly affected by crude oil price uncertainty. Our question is: How important is it to take also physical risks, such as the crude oil exporters’ political risks and transportation risks into account when controlling financial risks in line with the importer’s risk attitude when planning crude oil imports and transportation at a tactical level? In this paper, two-stage stochastic programming models are proposed to illustrate the problem, and a numerical test is conducted to better understand the effects of physical risks. The mechanism for controlling risk will be forward physical contracts. The results show that the real financial risk is much higher than the importer might believe if physical risks are not considered. Unless the importer is risk neutral, more forward crude oil will be imported when physical risks are considered, and the distribution of forward crude oil will depend strongly on correlations among risks.nb_NO
dc.language.isoengnb_NO
dc.rightsNavngivelse 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/deed.no*
dc.subjectcrude oil importsnb_NO
dc.subjectfinancial risksnb_NO
dc.subjectoil pricesnb_NO
dc.subjectphysical risksnb_NO
dc.subjectforward physical contractsnb_NO
dc.subjecttwo-stage stochastic programmingnb_NO
dc.titleHandling financial risks in crude oil imports: Taking into account crude oil prices as well as country and transportation risksnb_NO
dc.typeJournal articlenb_NO
dc.typePeer reviewednb_NO
dc.description.versionpublishedVersionnb_NO
dc.source.pagenumber17nb_NO
dc.source.volume133nb_NO
dc.source.journalTransportation Research Part E: Logistics and Transportation Reviewnb_NO
dc.identifier.doi10.1016/j.tre.2019.101824
dc.identifier.cristin1765944
cristin.unitcode191,10,0,0
cristin.unitnameInstitutt for foretaksøkonomi
cristin.ispublishedtrue
cristin.fulltextoriginal
cristin.qualitycode1


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Navngivelse 4.0 Internasjonal
Except where otherwise noted, this item's license is described as Navngivelse 4.0 Internasjonal