Research in Agricultural Futures Markets:
Integrating the Finance and Marketing Approach

Joost M.E. Pennings, Thorsten M. Egelkraut

Published: 24.10.2003  〉 Jahrgang 52 (2003), Heft 6 (von 8)  〉 Resort: Articles 
Submitted: N. A.   〉 Feedback to authors after first review: N. A.   〉 Accepted: N. A.

ABSTRACT

In a brief literature review, we discuss how our insight into the grounds of existence of futures markets has changed from the initial insurance perspective, to the arbitrage perspective, to the portfolio perspective, and to the current institutional perspective. We discuss futures market research within agricultural marketing, on the one hand, and within finance, on the other hand. The research within these two disciplines may be considered complementary. Subsequently, a new research model is presented which integrates both strains of research. The new research model is illustrated for the Dutch hog industry. This model is a powerful instrument in the development of new commodity futures contracts. Finally, a future research agenda for agricultural economists is presented.
CONTACT AUTHOR
PROF. DR. JOOST M.E. PENNINGS
Office for Futures & Options Research, University of Illinois at Urbana-Champaign, 326 Mumford Hall, MC-710,
1301 W. Gregory Drive, Urbana, IL 61801, USA
Phone: +(1)-217-244 12 84, fax: +(1)-217-333 55 38
e-mail: jmpennin@uiuc.edu
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