Advantages to Competing with Yourself: Why an Exchange Might Design Futures Contracts with Correlated Payoffs

摘要: Abstract This paper examines the form of futures contracts which a monopolistic exchange will offer to maximise transaction revenue when fees are endogenously determined. We establish desirable characteristics participants in contracts. For example, we show that appeal hedgers on one side market and speculators other desirable. In contrast earlier work, sequentially selected set may not be optimal. It for correlated contracts, or even bundle several together sell bundled contract at fee lower than charged purchased separately. Journal Economic Literature Classification Numbers: G13, G20.