involvement of banks. The impact of this new form of "speculation" on the price formation process on commodity futures markets is …

equilibria that are profitable for a speculator. With no reserve price in the initial auction, speculation can enhance the … initial seller's expected revenue. On the other hand, speculation can harm the initial seller even if she chooses an optimal …

speculation per se, ignoring asset price bubbles and their macroeconomic effects. That is perhaps because his views were formed … during the era of financial regulation, when speculation “could do no harm as bubbles on a steady stream of enterprise … a whirlpool of speculation” has begun to ring true again. To deepen our understanding of financial fragility under …

elicited (violation of procedure invariance). In this paper we examine precisely which classical conditions of rationality it …