The Economics of Futures Trading

Front Matter....Pages i-viii
Introduction: The Economics of Futures Trading....Pages 1-59
Front Matter....Pages 61-61
Forward Trading as a Means of Overcoming Disequilibrium....Pages 63-67
Futures Trading and Hedging....Pages 68-82
The Theory of Hedging and Speculation in Commodity Futures....Pages 83-99
The Supply of Storage....Pages 100-107
Front Matter....Pages 109-109
Speculation and Economic Stability....Pages 111-123
The Simultaneous Determination of Spot and Futures Prices....Pages 124-130
Inter-Temporal Price Relationships with Forward Markets: A Method of Analysis....Pages 131-137
Front Matter....Pages 139-139
The Search for a Risk Premium....Pages 141-152
Normal Backwardation, Forecasting, and the Returns to Commodity Futures Traders....Pages 153-167
Trading on the Sydney Wool Futures Market: A Test of a Theory of Speculation at the Level of the Individual....Pages 168-187
Front Matter....Pages 189-189
Measurement of a Random Process in Futures Prices....Pages 191-204
Testing the Efficient Markets Theory on the Sydney Wool Futures Exchange....Pages 205-216
Does Futures Trading Reduce Price Fluctuations in the Cash Markets?....Pages 217-224
Back Matter....Pages 225-236