The Economics of Commodity Futures Markets: A Survey

This article reviews some of the literature pertaining to futures markets. After briefly considering how the evolution of the institution of futures trading has required changing interpretations, we devote a longer section to the interplay between theory and evidence concerning intertemporal price relationships. While disputed and inconclusive interpretations persist, Working's theory of the price of storage and his revision of hedging doctrine are clear landmarks of progress in understanding these price relationships. We deal separately with hedging theory; then with the relation between futures and price variability; and finally with the stochastic attributes of futures prices.


Issue Date:
1971-12
Publication Type:
Journal Article
PURL Identifier:
http://purl.umn.edu/9639
Published in:
Review of Marketing and Agricultural Economics, Volume 39, Number 04
Page range:
57-108
Total Pages:
52




 Record created 2017-04-01, last modified 2017-04-04

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