{"id":"https://openalex.org/W3124712268","doi":"https://doi.org/10.1287/opre.1060.0351","title":"Equilibrium Forward Contracts on Nonstorable Commodities in the Presence of Market Power","display_name":"Equilibrium Forward Contracts on Nonstorable Commodities in the Presence of Market Power","publication_year":2007,"publication_date":"2007-02-01","ids":{"openalex":"https://openalex.org/W3124712268","doi":"https://doi.org/10.1287/opre.1060.0351","mag":"3124712268"},"language":"en","primary_location":{"id":"doi:10.1287/opre.1060.0351","is_oa":false,"landing_page_url":"https://doi.org/10.1287/opre.1060.0351","pdf_url":null,"source":{"id":"https://openalex.org/S125775545","display_name":"Operations Research","issn_l":"0030-364X","issn":["0030-364X","1526-5463"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Operations Research","raw_type":"journal-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5014497691","display_name":"Lingxiu Dong","orcid":"https://orcid.org/0000-0001-7727-9837"},"institutions":[{"id":"https://openalex.org/I204465549","display_name":"Washington University in St. Louis","ror":"https://ror.org/01yc7t268","country_code":"US","type":"education","lineage":["https://openalex.org/I204465549"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Lingxiu Dong","raw_affiliation_strings":["John M. Olin School of Business, Washington University in St. Louis, St. Louis, Missouri 63130"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"John M. Olin School of Business, Washington University in St. Louis, St. Louis, Missouri 63130","institution_ids":["https://openalex.org/I204465549"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5079533791","display_name":"Hong Liu","orcid":"https://orcid.org/0000-0002-2167-9396"},"institutions":[{"id":"https://openalex.org/I204465549","display_name":"Washington University in St. Louis","ror":"https://ror.org/01yc7t268","country_code":"US","type":"education","lineage":["https://openalex.org/I204465549"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Hong Liu","raw_affiliation_strings":["John M. Olin School of Business, Washington University in St. Louis, St. Louis, Missouri 63130"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"John M. Olin School of Business, Washington University in St. Louis, St. Louis, Missouri 63130","institution_ids":["https://openalex.org/I204465549"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I204465549"],"apc_list":null,"apc_paid":null,"fwci":3.8375,"has_fulltext":false,"cited_by_count":102,"citation_normalized_percentile":{"value":0.92935578,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":93,"max":99},"biblio":{"volume":"55","issue":"1","first_page":"128","last_page":"145"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10328","display_name":"Supply Chain and Inventory Management","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10328","display_name":"Supply Chain and Inventory Management","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.9927999973297119,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.991100013256073,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/forward-contract","display_name":"Forward contract","score":0.8945479393005371},{"id":"https://openalex.org/keywords/spot-contract","display_name":"Spot contract","score":0.8537403345108032},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.683918833732605},{"id":"https://openalex.org/keywords/spot-market","display_name":"Spot market","score":0.6763723492622375},{"id":"https://openalex.org/keywords/volatility","display_name":"Volatility (finance)","score":0.6353110074996948},{"id":"https://openalex.org/keywords/normal-backwardation","display_name":"Normal backwardation","score":0.6200441122055054},{"id":"https://openalex.org/keywords/forward-price","display_name":"Forward price","score":0.5932636857032776},{"id":"https://openalex.org/keywords/forward-market","display_name":"Forward market","score":0.5489348769187927},{"id":"https://openalex.org/keywords/microeconomics","display_name":"Microeconomics","score":0.5180378556251526},{"id":"https://openalex.org/keywords/negotiation","display_name":"Negotiation","score":0.4764954447746277},{"id":"https://openalex.org/keywords/commodity","display_name":"Commodity","score":0.44811445474624634},{"id":"https://openalex.org/keywords/bargaining-problem","display_name":"Bargaining problem","score":0.43732476234436035},{"id":"https://openalex.org/keywords/nash-equilibrium","display_name":"Nash equilibrium","score":0.4254077672958374},{"id":"https://openalex.org/keywords/financial-economics","display_name":"Financial economics","score":0.2792659401893616},{"id":"https://openalex.org/keywords/futures-contract","display_name":"Futures contract","score":0.27646270394325256},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.10609787702560425}],"concepts":[{"id":"https://openalex.org/C38904191","wikidata":"https://www.wikidata.org/wiki/Q744762","display_name":"Forward contract","level":3,"score":0.8945479393005371},{"id":"https://openalex.org/C175223733","wikidata":"https://www.wikidata.org/wiki/Q1047888","display_name":"Spot contract","level":3,"score":0.8537403345108032},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.683918833732605},{"id":"https://openalex.org/C2776789725","wikidata":"https://www.wikidata.org/wiki/Q1572221","display_name":"Spot market","level":3,"score":0.6763723492622375},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.6353110074996948},{"id":"https://openalex.org/C193326847","wikidata":"https://www.wikidata.org/wiki/Q798547","display_name":"Normal backwardation","level":4,"score":0.6200441122055054},{"id":"https://openalex.org/C149315309","wikidata":"https://www.wikidata.org/wiki/Q29432","display_name":"Forward price","level":2,"score":0.5932636857032776},{"id":"https://openalex.org/C52837651","wikidata":"https://www.wikidata.org/wiki/Q5473279","display_name":"Forward market","level":3,"score":0.5489348769187927},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.5180378556251526},{"id":"https://openalex.org/C199776023","wikidata":"https://www.wikidata.org/wiki/Q202875","display_name":"Negotiation","level":2,"score":0.4764954447746277},{"id":"https://openalex.org/C2779439359","wikidata":"https://www.wikidata.org/wiki/Q317088","display_name":"Commodity","level":2,"score":0.44811445474624634},{"id":"https://openalex.org/C90376892","wikidata":"https://www.wikidata.org/wiki/Q1516247","display_name":"Bargaining problem","level":2,"score":0.43732476234436035},{"id":"https://openalex.org/C46814582","wikidata":"https://www.wikidata.org/wiki/Q23389","display_name":"Nash equilibrium","level":2,"score":0.4254077672958374},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.2792659401893616},{"id":"https://openalex.org/C106306483","wikidata":"https://www.wikidata.org/wiki/Q183984","display_name":"Futures contract","level":2,"score":0.27646270394325256},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.10609787702560425},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C206658404","wikidata":"https://www.wikidata.org/wiki/Q12725","display_name":"Electricity","level":2,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C119599485","wikidata":"https://www.wikidata.org/wiki/Q43035","display_name":"Electrical engineering","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1287/opre.1060.0351","is_oa":false,"landing_page_url":"https://doi.org/10.1287/opre.1060.0351","pdf_url":null,"source":{"id":"https://openalex.org/S125775545","display_name":"Operations Research","issn_l":"0030-364X","issn":["0030-364X","1526-5463"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Operations Research","raw_type":"journal-article"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.197.5429","is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.197.5429","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://www.olin.wustl.edu/faculty/liuh/Papers/Equi_Forward.pdf","raw_type":"text"}],"best_oa_location":null,"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":42,"referenced_works":["https://openalex.org/W7136614","https://openalex.org/W330962615","https://openalex.org/W609681547","https://openalex.org/W1980305280","https://openalex.org/W1980617496","https://openalex.org/W1983695797","https://openalex.org/W1993495500","https://openalex.org/W2007468700","https://openalex.org/W2017990047","https://openalex.org/W2019124768","https://openalex.org/W2037720234","https://openalex.org/W2046455988","https://openalex.org/W2062241298","https://openalex.org/W2062590030","https://openalex.org/W2063133098","https://openalex.org/W2063271257","https://openalex.org/W2065732367","https://openalex.org/W2071261925","https://openalex.org/W2086389191","https://openalex.org/W2097585929","https://openalex.org/W2114087331","https://openalex.org/W2120470870","https://openalex.org/W2123879211","https://openalex.org/W2124107124","https://openalex.org/W2140753014","https://openalex.org/W2142831149","https://openalex.org/W2144981051","https://openalex.org/W2146382003","https://openalex.org/W2149035559","https://openalex.org/W2151132152","https://openalex.org/W2157406401","https://openalex.org/W2158138669","https://openalex.org/W2158865398","https://openalex.org/W2169014331","https://openalex.org/W2187051596","https://openalex.org/W2570938806","https://openalex.org/W3121701901","https://openalex.org/W3121702817","https://openalex.org/W3122472133","https://openalex.org/W3124205360","https://openalex.org/W3125647812","https://openalex.org/W3146363614"],"related_works":["https://openalex.org/W2378689613","https://openalex.org/W2155730455","https://openalex.org/W2943948421","https://openalex.org/W2106887006","https://openalex.org/W1508576965","https://openalex.org/W3121464938","https://openalex.org/W1517395341","https://openalex.org/W3124712268","https://openalex.org/W2380909906","https://openalex.org/W2144981051"],"abstract_inverted_index":{"Bilateral":[0],"supply":[1,24],"contracts":[2,25],"are":[3,30,151],"widely":[4],"used":[5],"despite":[6],"the":[7,39,63,73,91,119,130,140,155,160,168,176],"presence":[8,120],"of":[9,23,41,103,121,129,154],"spot":[10,28,105,122,169,178],"markets.":[11,106],"In":[12,107,158],"this":[13,21],"paper,":[14],"we":[15,37],"provide":[16,82],"a":[17,47,67,95,110],"potential":[18],"explanation":[19],"for":[20],"prevalence":[22,100],"even":[26],"when":[27],"markets":[29],"liquid":[31,104],"and":[32,61,81,149,172],"without":[33],"delivery":[34],"lag.":[35],"Specifically,":[36],"consider":[38],"determination":[40],"an":[42,83],"equilibrium":[43,75,156,161],"forward":[44,64,76,96,111,162],"contract":[45,65,77],"on":[46],"nonstorable":[48],"commodity":[49],"between":[50],"two":[51],"firms":[52],"that":[53,88,97,146],"have":[54],"mean-variance":[55],"preferences":[56],"over":[57],"their":[58],"risky":[59],"profits":[60],"negotiate":[62],"through":[66],"Nash":[68],"bargaining":[69],"process.":[70],"We":[71,86,143],"derive":[72],"unique":[74],"in":[78,101,167],"closed":[79],"form":[80],"extensive":[84],"analysis.":[85],"show":[87,145],"it":[89,124],"is":[90],"risk-hedging":[92],"benefit":[93],"from":[94],"justifies":[98],"its":[99,136],"spite":[102],"addition,":[108],"while":[109],"does":[112,125],"not":[113],"affect":[114,126],"production":[115],"decisions":[116,128],"due":[117,134],"to":[118,135],"markets,":[123],"inventory":[127,141],"storable":[131],"input":[132],"factor":[133],"hedging":[137],"effect":[138],"against":[139],"risk.":[142],"also":[144],"price":[147,163,170,179],"volatilities":[148],"correlations":[150],"important":[152],"determinants":[153],"contract.":[157],"particular,":[159],"can":[164,173],"be":[165],"nonmonotonic":[166],"volatility":[171],"decrease":[174],"as":[175],"initial":[177],"increases.":[180]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":3},{"year":2022,"cited_by_count":7},{"year":2021,"cited_by_count":7},{"year":2020,"cited_by_count":4},{"year":2019,"cited_by_count":6},{"year":2018,"cited_by_count":5},{"year":2017,"cited_by_count":4},{"year":2016,"cited_by_count":3},{"year":2015,"cited_by_count":6},{"year":2014,"cited_by_count":10},{"year":2013,"cited_by_count":8},{"year":2012,"cited_by_count":9}],"updated_date":"2026-08-27T14:10:00.468798","created_date":"2025-10-10T00:00:00"}
