General equilibrium model of an economy with a futures market.
forost Arbeitspapier 15 "Transition economies"
forost-Projekt 2.I.2.  "Osterweiterung und Währungsunion: Risikoabschätzung für die wirtschaftliche Entwicklung und Stabilität"
Autor Dr. Roman Cech


General equilibrium effects of a futures market a analyzed in a two-sector model of an economy populated with agents who have differential risk aversion. Conditions leading to changes in the industry formation are derived and their effect on agents' welfare is measured by equivalent variation. A class of speculators who most benefit from from the futures market endogenously arises in equilibrium.


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