evaluation tools. In doing so, we unify the theory of normal backwardation with theory of storage, macroeconomic general … equilibrium with multiple equilibria and microeconomic agents, basis trading with arbitrage strategies, and the hedging response …

inventory hedging under three hierarchies. We derive an easy-to-implement coordination contract and a simple policy structure … balanced adaptiveness, resilience and intertemporal imperatives. It outperforms the conventional inventory hedging and lean …