RESEARCH ON FUTURES MARKETS: ISSUES, APPROACHES, AND EMPIRICAL FINDINGS
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This paper presents a brief assessment of the recent futures and options literature with reference only to agricultural markets. The discussion centers on the markets' social value and economic value to firms. Issues currently unresolved are highlighted, in some cases by presenting hypotheses contrary to standard positions. Overall, the current literature describes these markets as having positive social value and serving useful functions at the firm level, but existing theory and empirical methods are criticized for many weaknesses.