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The Efficient Deterrence of Manipulation in Future Markets

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  • Pirrong, S.C.

Abstract

Market manipulation -- the exercise of market power in a future market- is a felony under US commodity law, but recent court and regulatory decisions have made conviction of a manipulator problematic at best. Instead, regulators attempt to prevent manupulation through verious means. Deterrence is more efficient than prevention if manupulations can be detected ex post with high probability. This article examines a particular episode of attempted manupulation -- the Ferruzzi soybean episode of 1989-- to demonstrate how to test the exercise of market power in a commodity market.

Suggested Citation

  • Pirrong, S.C., 1997. "The Efficient Deterrence of Manipulation in Future Markets," Washington University 97-07, Business, Law and Economics Center, John M. Olin School of Business, Washington University.
  • Handle: RePEc:fth:wablec:97-07
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    Keywords

    COMMODITIES ; REGULATION;

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • L50 - Industrial Organization - - Regulation and Industrial Policy - - - General
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods

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