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Success And Failure Of Agricultural Futures Contracts

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  • Brorsen, B. Wade
  • Fofana, N'Zue F.

Abstract

Most new futures contracts fail. This study estimates the effects of several factors on the success or failure of agricultural futures contracts. Commodities with futures markets and without futures markets are included. Characteristics for which no data exist, such as homogeneity, vertical integration, buyer concentration, and activeness of the cash market, are measured by the Delphi approach. An active cash market is found to be necessary for futures contract success since this variable alone perfectly predicts whether or not a commodity has a futures market.

Suggested Citation

  • Brorsen, B. Wade & Fofana, N'Zue F., 2001. "Success And Failure Of Agricultural Futures Contracts," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 19(2), pages 1-17.
    • Handle: RePEc:ags:jloagb:14692
    DOI: 10.22004/ag.econ.14692
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    References listed on IDEAS

    as
    1. Tashjian Elizabeth & Weissman Maayana, 1995. "Advantages to Competing with Yourself: Why an Exchange Might Design Futures Contracts with Correlated Payoffs," Journal of Financial Intermediation, Elsevier, vol. 4(2), pages 133-157, April.
    2. James J. Heckman, 1976. "The Common Structure of Statistical Models of Truncation, Sample Selection and Limited Dependent Variables and a Simple Estimator for Such Models," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 5, number 4, pages 475-492, National Bureau of Economic Research, Inc.
    3. Davidson, Russell & MacKinnon, James G., 1993. "Estimation and Inference in Econometrics," OUP Catalogue, Oxford University Press, number 9780195060119.
    4. William G. Tomek & Roger W. Gray, 1970. "Temporal Relationships Among Prices on Commodity Futures Markets: Their Allocative and Stabilizing Roles," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 52(3), pages 372-380.
    5. Sandor, Richard L, 1973. "Innovation by an Exchange: A Case Study of the Development of the Plywood Futures Contract," Journal of Law and Economics, University of Chicago Press, vol. 16(1), pages 119-136, April.
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