Ekeland, Ivar; Lautier, Delphine; Villeneuve, Bertrand - Université Paris-Dauphine (Paris IX) - 2013
We propose a simple equilibrium model, where the physical and the derivative markets of the commodity interact. There are three types of agents: industrial pro- cessors, inventory holders and speculators. Only the two first of them operate in the physical market. All of them, however, may...