This paper studies the impact of a futures market on a cash market in which there is a dominant producer and a competitive fringe of price-taking firms. It is shown that a futures market has two effects: (i) it increases the production of the fringe producers because it enables them to reduce their risk; and (ii) it also enables the dominant producer to manipulate futures markets sales to induce the fringe firms to produce less. Thus the dominant...
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INFORMATION
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1982/09/01
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Document de travail départemental
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DRD39
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1
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1
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2010/07/01
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Disclosed
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The manipulation of futures markets by a dominant producer
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development research center
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