A Comparison of Hedging Futures Contract with Developed Versus Undeveloped Assets for Arbitrage-free Resource Harvest Contract Valuation

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10th IIFET Conference, July 10-14, 2000, Corvallis, Oregon, U.S.A.
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dc.contributor.editor	Johnston, Richard S.
dc.contributor.editor	Shriver, Ann L.
dc.creator	Burnes, Ellen I.
dc.date	2001
dc.date.accessioned	2012-06-30T21:10:41Z
dc.date.available	2012-06-30T21:10:41Z
dc.date.copyright	2001
dc.date.issued	2001
dc.identifier.citation	Nurnes, Ellen I. A Comparison of Hedging Futures Contract with Developed Versus Undeveloped Assets for Arbitrage-free Resource Harvest Contract Valuation. In: Microbehavior and Macroresults:Proceedings of the Tenth Biennial Conference of the International Institute ofFisheries Economics and Trade, July 10-14, 2000, Corvallis, Oregon, USA.Compiled by Richard S. Johnston and Ann L. Shriver. InternationalInstitute of Fisheries Economics and Trade (IIFET), Corvallis, 2001.	en_US
dc.identifier.uri	http://hdl.handle.net/1957/30403
dc.description	The paper presented here is an abstract version (4 pages) of the complete work currently under review for referreed publication. If you wish a full copy of the paper, please contact the author at.burnese@ucs.orst.edu	en_US
dc.description.abstract	In this paper a real options approach is taken to natural resource contract valuation. A comparison is made between hedging with futures on developed (harvested) versus undeveloped assets. The risk-free Q martingale probability measure is obtained for the developed asset, and modified to a cost-adjusted Q martingale in the undeveloped case. The convenience yield is examined and explicitly determined for a given price and cost structure.	en_US
dc.description.sponsorship	International Institute of Fisheries Economics and Trade U.S. National Marine Fisheries Service MG Kailis Group	en_US
dc.publisher	International Institute of Fisheries Economics and Trade	en_US
dc.subject	Fisheries Economics	en_US
dc.subject	Markets and Trade	en_US
dc.subject	Asset Markets, Options and Green Accounting	en_US
dc.title	A Comparison of Hedging Futures Contract with Developed Versus Undeveloped Assets for Arbitrage-free Resource Harvest Contract Valuation	en_US
dc.type	Presentation	en_US