Classic Futures Lessons from the past for the Electronic Age

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Classic Futures: Lessons from the past for the Electronic Age

Description:    An illustrated anthology of classic writings encapsulating the "best of the best" writings on the
                futures markets

                - An original piece of writing by Professor Telser on the "electronic futures market"
                - A must for all futures industry professionals and market participants
                - Section introductions illuminating the selections, including insights into their technical merit and
                relevance - both "then and now"
                - Rare archival photos and illustrations collected from the world's futures markets and major
                historical associations and societies

Contents:       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

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Description: Classic Futures Lessons from the past for the Electronic Age