Aïd, René; Chemla, Gilles; Porchet, Arnaud; Touzi, Nizar - C.E.P.R. Discussion Papers - 2011
This paper analyzes the interactions between competitive (wholesale) spot, retail, and forward markets and vertical … forward hedging and vertical integration are two separate mechanisms for demand and spot price risk diversification that both … the impact of forward markets and vertical integration on prices, risk premia and retail market shares. We point out that …