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hal.structure.identifierCEntre de REcherches en MAthématiques de la DEcision [CEREMADE]
dc.contributor.authorEkeland, Ivar*
hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorLautier, Delphine*
hal.structure.identifierLaboratoire d'Economie de Dauphine [LEDa]
dc.contributor.authorVilleneuve, Bertrand
HAL ID: 745441
ORCID: 0000-0001-7485-9262
*
dc.date.accessioned2018-09-17T09:05:19Z
dc.date.available2018-09-17T09:05:19Z
dc.date.issued2019
dc.identifier.issn0938-2259
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/18024
dc.language.isoenen
dc.subjectEquilibrium model
dc.subjectCommodity
dc.subjectSpeculation
dc.subjectRegulation
dc.subjectFutures markets
dc.subjectD4
dc.subjectG13
dc.subjectQ02
dc.subject.ddc332en
dc.subject.classificationjelD.D4en
dc.subject.classificationjelG.G1.G13en
dc.subject.classificationjelQ.Q0.Q02en
dc.titleHedging pressure and speculation in commodity markets
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenWe propose a micro-founded equilibrium model to examine the interactions between the physical and the derivative markets of a commodity. This model provides a unifying framework for the hedging pressure and storage theories. The model shows a variety of behaviors at equilibrium that can be used to analyze price relations for any commodity. Further, through a comparative statics analysis, we precisely identify the losers and winners in the financialization of the commodity markets. Therefore, this paper clarifies the political economy of regulatory issues, like speculators’ influence on prices.
dc.relation.isversionofjnlnameEconomic Theory
dc.relation.isversionofjnlvol68
dc.relation.isversionofjnlissue1
dc.relation.isversionofjnldate2019
dc.relation.isversionofjnlpages83--123
dc.relation.isversionofdoi10.1007/s00199-018-1115-y
dc.relation.isversionofjnlpublisherSpringer
dc.subject.ddclabelEconomie financièreen
dc.relation.forthcomingprintnonen
dc.description.ssrncandidatenon
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
dc.relation.Isversionofjnlpeerreviewedoui
dc.date.updated2019-07-22T08:31:42Z
hal.author.functionaut
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