Profit Margin Hedging
研究了在什么条件下利润边际套期保值是农民销售农作物的最优策略，发现仅在特定目标效用函数和均值回归价格下才成立。
Abstract Some extension economists and others recommend profit margin hedging as a way to choose the timing of crop sales. However, the theory behind this strategy recommendation is not well developed. This article determines the producer's utility function and price processes where profit margin hedging is optimal. Profit margin hedging is shown to be an optimal strategy under a highly restricted target utility function even in an efficient market. Profit margin hedging is profitable if prices are mean reverting.