Chemla, Gilles; Porchet, Arnaud; Aïd, René; Touzi, Nizar - Université Paris-Dauphine (Paris IX) - 2011
the impact of forward markets and vertical integration on prices, risk premia, and retail market shares. We point out that … forward hedging and vertical integration are two separate mechanisms for demand and spot price risk diversification that both …This paper analyzes the interactions between competitive (wholesale) spot, retail, and forward markets and vertical …