MARTINOT, N.; Lesourd, J.-B.; Morard, B. - Geneva School of Economics and Management, Université … - 2000
The objective of operations on futures markets may be either hedging or speculation. In this paper, we wish to give a desciption of futures markets with two groups of operators with heterogeneous expectations: hedgers-speculators, and pure speculators. The existence of carry-over costs is taken...