Why do farmers have so little interest in futures markets?
通过农场财务模型分析，发现若资本市场有效，农民最优对冲量为零，因此对期货市场兴趣不大，除非用于投机。
Abstract A farm financial model with leverage and investment in two farm enterprises is specified. The model is extended to incorporate futures hedging and the Separation Theorem is used to show that optimal hedging is zero. The assumption of a risk‐free asset is relaxed and, while this leads to a violation of the Separation Theorem, the result that optimal hedging is zero is maintained providing that futures markets are efficient. It is concluded that if capital markets are efficient then farmers will have little interest in futures markets except to speculate.