Edited by Lester G. Telser
Introduction - Electronic Trading
Lester G. Telser
Section 1 - Introduction
1 Structures and Methods for Meeting Uncertainty
Frank H. Knight
2 Constructive Speculation
Alfred Marshall
Section 2 - Theory of Storage, Hedging and Futures Markets
3 Speculation and Economic Stability
Nicholas Kaldor
4 Theory of the Inverse Carrying Charge in Futures Markets
Holbrook Working
5 Professor Vaile and the Theory of Inverse Carrying Charges
Holbrook Working
6 Futures Trading and the Storage of Cotton and Wheat
Lester G. Telser
7 Speculation on Hedging Markets
Holbrook Working
8 New Concepts Concerning Futures Markets and Prices
Holbrook Working
9 The Pricing of Commodity Contracts
Fischer Black
Section 3 - The Rationale, Structure and Performance of Futures Markets
10 The Technique of Mediaeval and Modern Produce Markets
Abbott Payson Usher
11 Futures and Actual Markets: How they are Related
Lester G. Telser
12 Origins of the Modern Exchange Clearinghouse: A History of Early Clearing and Settlement Methods at Futures Exchanges
James T. Moser
13 Organised Futures Markets: Costs and Benefits
Lester G. Telser and Harlow N. Higinbotham
14 Futures Markets: Their Purpose, Their History, Their Growth, Their Successes and Failures
Dennis W. Carlton
15 Monopoly, Manipulation and the Regulation of Futures Markets
Frank H. Easterbrook
Section 4 - Effects of Speculation
16 The Suspension of the Berlin Produce Exchange and its Effect upon Corn Prices
R. H. Hooker
17 The State of Long-Term Expectation
John Maynard Keynes
18 Speculation, Profitability and Stability
William J. Baumol
19 A Theory of Speculation Relating Profitability and Stability
Lester G. Telser
20 Profitable Speculation
Michael J. Farrell
21 Price Destabilising Speculation
Oliver D. Hart and David Kreps
Section 5 - Returns to Speculators and the Costs of Hedging
22 Can Speculators Forecast Prices?
H. S. Houthakker
23 Normal Backwardation, Forecasting and the Returns to Commodity Futures Traders
Charles S. Rockwell
24 Futures Trading and Investor Returns: An Investigation of Commodity Market Risk Premiums
Katherine Dusak
25 Luck versus Forecast Ability: Determinants of Trader Performance in Futures Markets
Michael L. Hartzmark
Section 6 - New Results on the Random Properties of Futures Prices
26 The Variation of Certain Speculative Prices
Benoit Mandelbrot
27 The Variation of Some Other Speculative Prices
Benoit Mandelbrot
