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Although agricultural futures markets offer a number of potential benefits to users, the extent of trade involvemen in UK futures markets has been less than in comparable markets in the United States. This does not appear to be due to poorer hedging performance. An investigation into patterns of...
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We consider the impact of output and input taxes in vertically-related markets where the downstream industry is oligopolistic and the upstream sector competitive. We show that the shifting of a tax in each related market will depend on the degree of market power in the downstream market, the...
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