Luis, Ferreira José - In: The B.E. Journal of Theoretical Economics 6 (2006) 1, pp. 1-22
Allaz (1992) and Allaz and Vila (1993) show that in an oligopolistic industry the introduction of a futures market that operates prior to the spot market induces more competitive outcomes. Hughes and Kao (1997) show that this result presumes that firms' future positions are perfectly observed,...