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Trading on the Sydney Wool Futures Market: A Test of a Theory of Speculation at the Level of the Individual

In: The Economics of Futures Trading

Author

Listed:
  • B. A. Goss

Abstract

The aim of this paper is twofold. Models of futures trading developed recently do not, in my view, deal adequately with certain aspects of individual equilibrium. For example, J. L. Stein’s theory does not determine explicitly the quantity of stocks held by the individual; the Peston and Yamey model does not deal with individual equilibrium at all; and that of Leland Johnson does not analyse the market position of an individual who is risk-loving.1 The purpose of Section 1 is to present a theory which determines the quantity of futures contracts held by an individual trader, whether he is risk-averting or risk-loving, using a method alternative to the indifference curve analysis.2

Suggested Citation

  • B. A. Goss, 1976. "Trading on the Sydney Wool Futures Market: A Test of a Theory of Speculation at the Level of the Individual," Palgrave Macmillan Books, in: The Economics of Futures Trading, chapter 10, pages 168-187, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-02693-7_11
    DOI: 10.1007/978-1-349-02693-7_11
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