Advertisement

The Economic Function of Futures Trading

  • S. Craig Pirrong
  • David Haddock
  • Roger Kormendi
  • Michael Brennan
  • Merton Miller
  • Richard Roll
  • Hans Stoll
  • Lester Telser

Abstract

To evaluate properly the function of the delivery process, and therefore how changes in delivery specification influence the larger economy, it is necessary to understand the economic role of futures markets. We discuss that role in this chapter, paying special attention to the factors that differentiate futures markets from other forward markets.

Keywords

Future Market Future Price Price Discovery Future Contract Cash Market 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. 1.
    See Grossman (1977).Google Scholar
  2. 2.
    See Pirrong (1992).Google Scholar

Copyright information

© Springer Science+Business Media New York 1993

Authors and Affiliations

  • S. Craig Pirrong
  • David Haddock
  • Roger Kormendi
  • Michael Brennan
  • Merton Miller
  • Richard Roll
  • Hans Stoll
  • Lester Telser

There are no affiliations available

Personalised recommendations