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Commodity futures and options

In: Handbook of Agricultural Economics

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Williams, Jeffrey C.

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Abstract

Organized exchanges have evolved methods for enforcing contracts, which allow the contracts themselves to be traded at low cost. Theorists have modeled futures contracts as tools for risk management, despite an extensive empirical literature that does not support predictions about bias in prices or speculators' behavior. Another perspective models commercial firms as using futures contracts to arbitrage, to minimize transaction costs, to substitute temporarily for merchandising contracts. Because commercial firms tie their processing and storage decisions to the constellation of futures prices, futures prices have major allocative effects, even if their forecasting power is inevitably poor.

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This chapter was published in: B. L. Gardner & G. C. Rausser (ed.) Handbook of Agricultural Economics, , chapter 13, pages 745-816, 2001.

This item is provided by Elsevier in its series Handbook of Agricultural Economics with number 2-13.

Handle: RePEc:eee:hagchp:2-13

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Related research
This chapter was published in the following book, which is listed on IDEAS:
B. L. Gardner & G. C. Rausser (ed.), 2001. "Handbook of Agricultural Economics," Handbook of Agricultural Economics, Elsevier, edition 1, volume 1, number 2, September. [Downloadable!] (restricted)
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Find related papers by JEL classification:
Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General

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  1. Isengildina-Massa, Olga & Irwin, Scott H. & Good, Darrel L. & Gomez, Jennifer K., 2008. "The Impact of Situation and Outlook Information in Corn and Soybean Futures Markets: Evidence from WASDE Reports," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 40(01), April. [Downloadable!]
  2. Zhao, Huan & Du, Xiaodong (Sheldon) & Hennessy, David A., 2009. "Pass-Through in United States Beef Cattle Prices," Staff General Research Papers 13093, Iowa State University, Department of Economics. [Downloadable!]
    Other versions:
  3. Morales, C & Garrido, A. & Palinkas, P. & Szekely, C., 2008. "Risks Perceptions and Risk Management Instruments in the European Union: do farmers have a clear idea of what they need?," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 43956, European Association of Agricultural Economists. [Downloadable!]
  4. Bharat Ramaswami & Jatinder Bir Singh, 2006. "Underdeveloped spot markets and futures trading: The Soya Oil exchange in India," Indian Statistical Institute, Planning Unit, New Delhi Discussion Papers 06-03, Indian Statistical Institute, New Delhi, India. [Downloadable!]
    Other versions:
  5. Lence, Sergio H., 2008. "Do Futures Benefit Farmers?," Staff General Research Papers 12919, Iowa State University, Department of Economics.
    Other versions:
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