Endogenous choice of institution under supply and demand risks in laboratory forward and spot markets

被引：0
|
作者：
Menkhaus, DJ [1 ]
Bastian, CT
Phillips, OR
O'Neill, PD
机构：
[1] Univ Wyoming, Dept Agr & Appl Econ, Laramie, WY 82071 USA
[2] Univ Wyoming, Dept Econ & Finance, Laramie, WY 82071 USA
来源：
JOURNAL OF AGRICULTURAL AND RESOURCE ECONOMICS | 1999年 / 24卷 / 02期
关键词：
experimental economics; forward and spot markets; supply and demand risks;
D O I：
暂无
中图分类号：
F3 [农业经济];
学科分类号：
0202 ; 020205 ; 1203 ;
摘要：
Laboratory methods are used to investigate the impacts of supply and demand risks in a forward market on prices, quantities traded, and earnings when the choice of transacting in a forward or spot market is endogenous. Forward market activity dominates spot trading, with 80-90% of the trades taking place in the forward market regardless of how risk arises. Buyer earnings tend to be higher than earnings for sellers when there is risk. A correspondence exists between risk type and the relative increase in buyer earnings. Buyer earnings increase significantly when demand is random, and also when both supply and demand are random.
引用
收藏
页码：553 / 571
页数：19
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