Cortazar, Gonzalo; Ortega, Hector; Pérez, Jose Antonio - 2023
is no consensus on commodity markets if there is a risk premium, and if so, if it is positive or negative. In addition … impact potential hedgers and speculators.In this paper, we address the problem of measuring commodity risk premiums, propose … long on them. Thus, if the model finds negative risk premiums for a given commodity, speculators are short, while hedgers …