Handel auf Terminkontraktmärkten
Commodity 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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References listed on IDEAS
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- 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.
- Ronald W. Ward & Lehman B. Fletcher, 1971. "From Hedging to Pure Speculation: A Micro Model of Optimal Futures and Cash Market Positions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 53(1), pages 71-78.
- 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 235-256, September.
- Stephen W. Salant, 1976.
"Hirshleifer on Speculation,"
The Quarterly Journal of Economics,
Oxford University Press, vol. 90(4), pages 667-675.
- Stephen W. Salant, 1976. "Hirshleifer on speculation," International Finance Discussion Papers 75, Board of Governors of the Federal Reserve System (U.S.).
- 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 413-434, October.
- 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.
- Manfred Streit, 1980. "On the use of futures markets for stabilization purposes," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 116(3), pages 493-513, September. Full references (including those not matched with items on IDEAS)
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