The newly launched water futures market faces a serious illiquidity problem with scarce trading volume. We examine the causes of the illiquidity based on the futures contract design literature and empirical analysis of spot water markets in the western United States. The primary cause of...

Humans remain exposed to ongoing security risks. Energy security is closely associated with human life and productive activity and is strongly related to the increasing number of natural extreme events over the past few decades. Therefore, finding the exact relationship between two factors will...