When Do Futures Destabilize Spot Prices?
用一个简单模型说明，在不可储存商品上开设期货市场，会鼓励生产者选择风险更高的生产技术，从而破坏供应和现货价格的稳定。
Futures markets allow agents to shift price risk onto speculators and encourages them to take riskier decisions. Historically their main impact has been to encourage the storage of commodities, thus arbitraging prices over time and reducing price fluctuations. This paper presents a simple model in which opening futures markets in a nonstorable commodity encourages producers to choose riskier production techniques which destabilizes supply and hence the spot price. Copyright 1987 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.