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Renditeansprüche Im Kontext Gleichmäßiger Rückflüsse Ergebnisse Eines Experiments Mit Stakeholdern Des Agribusiness

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  • Steinhorst, Martin P.
  • Bahrs, Enno
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    Abstract

    Investitionsentscheidungen sollen sich nach der vorherrschenden Investitionstheorie insbesondere am Barwert der mit den Investitionsvorhaben verbundenen Ein- und Auszahlungsströmen oder daraus abgeleiteten Größen, wie dem internen Zinsfuß der Investitionen, orientieren. Die Struktur der Zahlungsströme über die Zeit wäre somit nicht oder wenig entscheidungsrelevant. Vor diesem Hintergrund sind die vielfach zu beobachtenden Vereinbarungen von gleichmäßig über die Zeit verteilten Zahlungen überraschend. Das im Beitrag beschriebene und mit Landwirten sowie Agrarrohstoffhändlern durchgeführte Experiment reflektiert, inwieweit sich unter standardisierten Bedingungen Entscheidungsmuster zeigen, wie sie von der traditionellen Investitionstheorie erwartet werden. In eine Conjointanalyse gehen dabei die Gleichmäßigkeit von Zahlungen sowie der interne Zinsfuß als Attribut der Investitionsalternativen ein. Im Ergebnis zeigt sich, dass die Probanden bereit sind auf interne Verzinsung des eingesetzten Kapitals zu verzichten, wenn ihnen dafür die Möglichkeit eröffnet wird, von ungleichmäßigen Zahlungsströmen zu gleichmäßigen bzw. monoton verlaufenden Zahlungsströmen zu wechseln. Diese Zahlungsbereitschaft für Gleichmäßigkeit hängt zudem vom Alter der Probanden und von deren Risikobereitschaft ab.

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    Bibliographic Info

    Paper provided by German Association of Agricultural Economists (GEWISOLA) in its series 52nd Annual Conference, Stuttgart, Germany, September 26-28, 2012 with number 137390.

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    Date of creation: 2012
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    Handle: RePEc:ags:gewi12:137390

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    Keywords: Präferenzen für Abfolgen; intertemporale Entscheidungen; gleichmäßige Rückflüsse; preferences for sequences; intertemporal decisions; investment behavior; monotone rewards; Agribusiness; Agricultural Finance;

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