Futures Markets and Marketing Firms: The U.S. Soybean‐Processing Industry
构建了一个营销企业在期货市场中的模型，并用美国大豆加工业数据检验，发现产出期货价格上升、原料现货价格下降或现货-期货价格关系波动加剧时，产量会增加。
Abstract A model of marketing firms in the presence of futures markets is presented and tested with data from the U.S. soybean‐processing industry. Results show that production increases if output futures prices rise, material input cash prices fall, or the output cash‐futures price relationship becomes more volatile. Sufficient assumptions for these results are expected‐utility‐maximizing competitive firms with nonincreasing absolute risk aversion and nonstochastic Leontief production functions, unbiased futures prices, and linearly related cash and futures prices. The standard marketing margin is inappropriate for analyzing market structure or risk in the presence of futures markets.