Pricing commodities when both price and
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Robert M. Conroy; Richard J. Rendleman Jr.
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Article
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1983
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John Wiley and Sons
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English
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his article develops a theory of spot and forwardl commodity pricing T under the assumption that both future prices and future harvests of agriculturd commodities are uncertain. With the exception of McKinnon (1967), output risks have been largely ignored in the literature of commodity hedging.? It