A Strategic Analysis of Corners and Squeezes
构建了一个动态博弈模型，分析期货市场中通过逼仓和挤仓操纵价格的行为，揭示均衡交易策略及其产生的价格动态，解释价格泡沫和正常现货溢价现象。
We develop a dynamic game-theoretic model of a futures market in which prices can be manipulated by corner and squeeze. We investigate equilibrium trading strategies and the price dynamics these strategies produce. Price paths produced by our model can mimic observed prices for potentially comerable commodities and explain the volatility of certain prices even when no manipulations occur. Our model also generates occasional apparent price bubbles and accounts for the existence of normal backwardation in futures markets even when players are risk neutral.