Why Don't Individuals Speculate in the Forward Foreign Exchange Market?
It is shown, using institutional evidence, economic theory, and empirical evidence, that, given reasonable estimates of individuals' coefficients of relative risk aversion, the combination of riskiness, minimal size of contract, and transactions costs will deter all but the wealthiest individuals from seeking to speculate in the forward foreign exchange market. Copyright 1992 by Scottish Economic Society.
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Volume (Year): 39 (1992)
Issue (Month): 1 (February)
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