SPECULATIVE STORAGE, FUTURES MARKETS, AND THE STABILITY OF COMMODITY PRICES
作者:
ALEXANDER H. SARRIS,
期刊:
Economic Inquiry
(WILEY Available online 1984)
卷期:
Volume 22,
issue 1
页码: 80-97
ISSN:0095-2583
年代: 1984
DOI:10.1111/j.1465-7295.1984.tb00668.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
A theoretical dynamic model is developed that integrates the micro‐behavior of commodity and futures speculators into the simultaneous determination of cash and futures prices in a storable commodity market. The model is used to demonstrate the way in which the introduction of a futures market, by affecting the decisions of speculative inventory holders, alters the distribution of spot prices and to elucidate the conditions that render futures trading stabilizing for cash price
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