This site uses cookies to deliver our services and to ensure you get the best experience. By continuing to use this site, you consent to our use of cookies and acknowledge that you have read and understand our Privacy Policy, Cookie Policy, and Terms
: Since Keynes (1930) and Hicks (1939) propounded their theory of normal backwardation, the issue of whether hedgers must pay speculators an insurance premium has remained controve...
In spirit of the earlier works done by Arthur (1992) and Palmer et al. (1993), this paper models speculators with genetic programming (GP) in a production economy (Muthian Economy)...