Handel auf Terminkontraktmärkten
AbstractCommodity prices are significantly more volatile than prices of industrial products. This extreme price instability establishes a need for futures markets in commodities. The main functions of futures trading being hedging against, and speculation on price fluctuations; and it is hedging, that determines the role of speculation.
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Bibliographic InfoPaper provided by Vienna University of Economics, Department of Economics in its series Department of Economics Working Papers with number wuwp080.
Date of creation: Jul 2002
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commodity price instability; futures markets; futures prices; marking to markets; arbitrage-hedging; hedging; speculation; normal backwardation);
Find related papers by JEL classification:
- Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General
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- Logan, Samuel H. & Bullock, J. Bruce, 1970. "Speculation in Commodity Futures: An Application of Statistical Decision Theory," Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, issue 4.
- Moore, Michael J & Cullen, Ursula, 1995. "Speculative Efficiency on the London Metal Exchange," The Manchester School of Economic & Social Studies, University of Manchester, vol. 63(3), pages 235-56, September.
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"Hirshleifer on Speculation,"
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- Yamey, B S, 1971. "Short Hedging and Long Hedging in Futures Markets: Symmetry and Asymmetry," Journal of Law and Economics, University of Chicago Press, vol. 14(2), pages 413-34, October.
- Shleifer, Andrei & Summers, Lawrence H, 1990. "The Noise Trader Approach to Finance," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 19-33, Spring.
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