The Economics of Commodity Futures Markets: A Survey
AbstractThis 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Australian Agricultural and Resource Economics Society in its journal Review of Marketing and Agricultural Economics.
Volume (Year): 39 (1971)
Issue (Month): 04 (December)
Contact details of provider:
Postal: AARES Central Office Manager, Crawford School of Public Policy, ANU, Canberra ACT 0200
Phone: 0409 032 338
Web page: http://www.aares.info/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ronald I. McKinnon, 1967. "Futures Markets, Buffer Stocks, and Income Stability for Primary Producers," Journal of Political Economy, University of Chicago Press, vol. 75, pages 844.
- Lester G. Telser, 1958. "Futures Trading and the Storage of Cotton and Wheat," Journal of Political Economy, University of Chicago Press, vol. 66, pages 233.
- Stevenson, Richard A & Bear, Robert M, 1970. "Commodity Futures: Trends or Random Walks?," Journal of Finance, American Finance Association, vol. 25(1), pages 65-81, March.
- Smidt, Seymour, 1965. "A Test of the Serial Independence Price Changes in Soybean Futures," Food Research Institute Studies, Stanford University, Food Research Institute, issue 02.
- Powers, Mark J, 1970. "Does Futures Trading Reduce Price Fluctuations in the Cash Markets?," American Economic Review, American Economic Association, vol. 60(3), pages 460-64, June.
- Brinegar, Claude S., 1970. "A Statistical Analysis of Speculative Price Behavior," Food Research Institute Studies, Stanford University, Food Research Institute.
- Tomek, William G., 1971. "A Note on Historical Wheat Prices and Futures Trading," Food Research Institute Studies, Stanford University, Food Research Institute, issue 01.
- Brand, Simon S., 1964. "The Decline in the Cotton Futures Market," Food Research Institute Studies, Stanford University, Food Research Institute, issue 03.
- Gruen, Fred H.G., 1960. "The Pros and Cons of Futures Trading for Woolgrowers," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 28(03), September.
- Stewart, Blair, 1949. "An Analysis of Speculative Trading in Grain Futures," Technical Bulletins 156265, United States Department of Agriculture, Economic Research Service.
- Watson, Alistair S., 1980. "Wool In 1980," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(02), August.
- Runge, C. Ford, 2006. "Agricultural Economics: A Brief Intellectual History," Staff Papers 13649, University of Minnesota, Department of Applied Economics.
- Sooy, Jeff & Branch, Ben, 0. "A Study Of The Economic Functions Of The Maine Potato Futures Market," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 9(1:).
- Kenyon, David E. & Kingsley, Steven E., 1973. "An Analysis Of Anticipatory Short Hedging Using Predicted Harvest Basis," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 5(01), July.
- Christine Ennew & Wyn Morgan & Tony Rayner, 1992. "Role of attitudes in the decision to use futures markets: The case of the London potato futures market," Agribusiness, John Wiley & Sons, Ltd., vol. 8(6), pages 561-573.
- Schnake, Kristin N. & Karali, Berna & Dorfman, Jeffrey H., 2012. "The Informational Content of Distant-Delivery Futures Contracts," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 37(2), August.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.