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| Author: | Bulte, E. Pennings, J. Heijman, W. |
| Title: | Futures markets, price stabilization and efficient exploitation of exhaustible resources |
| Journal: | Environmental and Resource Economics
1996 : OCT, VOL. 8:3, p. 351-366 |
| Index terms: | ENVIRONMENTAL ECONOMICS NATURAL RESOURCES FUTURES MARKETS |
| Language: | eng |
| Abstract: | Markets for natural resource futures contracts and cash forward contracts experience a rapid growth. According to theory, this should result in more efficient resource depletion, implying that price formation is more consistent with Hetlling's rule. The rationale of this stabilization effect is briefly discussed. Next, the authors analyse the impact of expanding futures markets on the behavior of individual resource ownders trading on the cash market. They demonstrate that the expected time of depletion can shift to the present of future. |
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