Technology and Hedging Behavior: A Proof of Hicks' Conjecture
证明希克斯猜想：技术条件使企业家在投入品获取上比产出完成更灵活，导致期货市场中计划购买的对冲比例低于计划销售，形成需求侧的系统性弱势。
Technical conditions give the entrepreneur a much freer hand about the acquisition of inputs (which are largely needed to start a new process) than about the completion of outputs (whose process of production-in the ordinary business sense-may be already begun). If forward markets consisted entirely of hedgers, there would always be a tendency for a planned weakness on the demand side; a smaller proportion of planned purchases than of planned sales would be covered by forward contracts. [1946, p. 137]