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175:. Working argued that there could be hedgers on both sides of the market and that hedging was essentially not a risk reduction technique, but "speculation in the basis" which allows informed traders and commodity dealers to profit from their knowledge of future changes in the difference between futures and spot prices.
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Working, H. 1933, "Price
Relations between July and September Wheat Futures at Chicago Since 1885", Wheat Studies of the Food Research Institute
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theory of futures prices, which argued that short hedgers (farmers) drive down futures prices because of their demand for
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which plots the difference between short term and long term grain futures prices against current inventory).
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Working, Holbrook (October 1935). "Differential price behavior as a subject for commodity price analysis".
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Proceedings of the
Symposium on Futures Markets and the Public Interest, Chicago, 1954, accessed 4/24/07.
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Working, Holbrook (March 1934). "A random-difference series for use in the analysis of time series".
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Working, Holbrook (June 1962). "New concepts concerning futures markets and prices".
285:(March 1929). "Applications of the theory of error to the interpretation of trends".
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Working, Holbrook (August 1925). "The statistical determination of demand curves".
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and was elected a Fellow of the
American Agricultural Economics Association, the
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93:(February 5, 1895 – October 5, 1985) was an American professor of
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in econometrics, with which
Holbrook Working was also involved.
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Working, Holbrook (June 1953). "Futures trading and hedging".
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Working, Holbrook (November 1953). "Hedging reconsidered".
105:'s Food Research Institute known for his contributions on
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309:Journal of the American Statistical Association
287:Journal of the American Statistical Association
261:Journal of the American Statistical Association
502:History of Economic Thought, accessed 4/24/07
452:Stanford University's Food Research Institute
69:Stanford University's Food Research Institute
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256:Business cycles: the problem and its setting
390:American Journal of Agricultural Economics
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194:by the American Statistical Association.
481:Price Effects of Scalping and Daytrading
258:, by Wesley C. Mitchell (book review)".
158:identification problem for demand curves
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16:American economist and statistician
646:Fellows of the Econometric Society
226:The Quarterly Journal of Economics
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254:Working, Holbrook (March 1928). "
156:made a major contribution on the
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184:American Statistical Association
178:He was a founding member of the
197:He died on October 5, 1985, in
142:University of Wisconsin–Madison
79:University of Wisconsin–Madison
322:10.1080/01621459.1934.10502683
299:10.1080/01621459.1929.10506274
274:10.1080/01621459.1928.10503002
190:. In 1981 he was awarded the
113:prices, on an early theory of
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430:American Economic Association
372:American Economic Association
421:The American Economic Review
363:The American Economic Review
641:Stanford University faculty
521:Stanford Historical Society
211:Working–Hotelling procedure
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631:Cornell University faculty
445:Working, Holbrook (1967).
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576:Agriculture and Agronomy
199:Santa Clara, California
163:Working disagreed with
150:University of Minnesota
137:, on February 5, 1895.
144:in 1921. He taught at
135:Fort Collins, Colorado
36:Fort Collins, Colorado
117:behavior, and on the
493:The Working Brothers
432:via JSTOR: 413–459.
374:via JSTOR: 314–343.
192:Wilks Memorial Award
281:Working, Holbrook;
180:Econometric Society
109:, on the theory of
103:Stanford University
526:2006-09-16 at the
498:2005-12-01 at the
146:Cornell University
530:accessed 4/24/07.
283:Hotelling, Harold
119:theory of storage
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133:He was born in
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469:References
186:, and the
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588:Education
564:Economics
552:Biography
129:Biography
95:economics
524:Archived
496:Archived
205:See also
148:and the
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463:: 5–48.
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107:hedging
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