This Paper Provides a Rationale for the Difference Between Contract and Spot Prices Which Is Not Based on Risk Aversion But on Price Discrimination. We Model the Behaviour of a Large Buyer Who Groups an Advance Delivery Contract for Part of His Requirements. His Remaining Purchases Are Executed...

The Paper Investigates Why, Under Supply Control by Marketing Board, Production Quotas Originally Given to Downstream Producers May Ultimately End Up in the Hands of the Latters' Upstream Suppliers Who Will Lease Them Back to Their Original Owners. a Link Between the Extent of Leasing and the...