Noussair, Charles; Tucker, Steven - In: Pacific Economic Review 11 (2006) 2, pp. 167-184
We construct asset markets of the type studied in <link rid="b1">Smith et al. (1988) </link>, in which price bubbles and crashes are widely observed. In addition to a spot market, there are futures markets in operation, one maturing at the beginning of each period of the life of the asset. We find that when futures...