Cologni, Alessandro; Scarpa, Elisa; Sitzia, Francesco … - 2015
focused on the definition of speculation while others examined the relationship between oil prices and the behavior of trading … actors. In this paper, we formulate a new theory able to describe "hedging needs" as well as the role of speculators in the … against abrupt oil price changes can be satisfied only if speculators play a very active role. Due to the rapid growth in …