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本文通过观察代办收入最大化交换,提出期货合约创新的一个简单两阶段模型.经济代理商具有均值方差偏好,按代理买卖量的大小,在期货合约过程中收取交易费用.期货交易过程中存在价差.代办收入最大化交换促成期货合约的创新.
In this paper, a simple two-stage model of futures contract innovation is proposed by observing the maximization of agency revenue exchange.The economic agents have the mean-variance preference, and charge the transaction costs during the futures contract according to the size of the sales volume of the agent. Spread of fees. Maximizing the exchange of agency income leads to the innovation of futures contracts.