Hedging with Commodity Options and Safety-First Rules · 50 HEDGING WITH COMMODITY OPTIONS AND SAFETY-FIRST RULES James Vercammen and Victor Gasparl The problem of constructing the

Page 1 <img data-url='document/hedging-with-commodity-options-and-safety-first-hedging-with-commodity-options-and.html?page=1' data-page='1' class='cut-thumb lazyload' alt='Page 1: Hedging with Commodity Options and Safety-First Rules · 50 HEDGING WITH COMMODITY OPTIONS AND SAFETY-FIRST RULES James Vercammen and Victor Gasparl The problem of constructing the' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader030.cupdf.com/reader030/viewer/2022020315/5ad9dbaa7f8b9add658bd46b/html5/thumbnails/1.jpg' width='140' height='200' /> Hedging with Commodity Options

and Safety-First Rules

by

James Vercammen and Victor Gaspar

Suggested citation format:

Vercammen, J., and V. Gaspar. 1993. “Hedging with Commodity Options and Safety-First Rules.” Proceedings of the NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management. Chicago, IL. [http://www.farmdoc.uiuc.edu/nccc134].

Page 2 <img data-url='document/hedging-with-commodity-options-and-safety-first-hedging-with-commodity-options-and.html?page=2' data-page='2' class='cut-thumb lazyload' alt='Page 2: Hedging with Commodity Options and Safety-First Rules · 50 HEDGING WITH COMMODITY OPTIONS AND SAFETY-FIRST RULES James Vercammen and Victor Gasparl The problem of constructing the' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader030.cupdf.com/reader030/viewer/2022020315/5ad9dbaa7f8b9add658bd46b/html5/thumbnails/2.jpg' width='140' height='200' /> Page 3 <img data-url='document/hedging-with-commodity-options-and-safety-first-hedging-with-commodity-options-and.html?page=3' data-page='3' class='cut-thumb lazyload' alt='Page 3: Hedging with Commodity Options and Safety-First Rules · 50 HEDGING WITH COMMODITY OPTIONS AND SAFETY-FIRST RULES James Vercammen and Victor Gasparl The problem of constructing the' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader030.cupdf.com/reader030/viewer/2022020315/5ad9dbaa7f8b9add658bd46b/html5/thumbnails/3.jpg' width='140' height='200' /> Page 4 <img data-url='document/hedging-with-commodity-options-and-safety-first-hedging-with-commodity-options-and.html?page=4' data-page='4' class='cut-thumb lazyload' alt='Page 4: Hedging with Commodity Options and Safety-First Rules · 50 HEDGING WITH COMMODITY OPTIONS AND SAFETY-FIRST RULES James Vercammen and Victor Gasparl The problem of constructing the' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader030.cupdf.com/reader030/viewer/2022020315/5ad9dbaa7f8b9add658bd46b/html5/thumbnails/4.jpg' width='140' height='200' /> Page 5 <img 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loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader030.cupdf.com/reader030/viewer/2022020315/5ad9dbaa7f8b9add658bd46b/html5/thumbnails/6.jpg' width='140' height='200' /> Page 7 <img data-url='document/hedging-with-commodity-options-and-safety-first-hedging-with-commodity-options-and.html?page=7' data-page='7' class='cut-thumb lazyload' alt='Page 7: Hedging with Commodity Options and Safety-First Rules · 50 HEDGING WITH COMMODITY OPTIONS AND SAFETY-FIRST RULES James Vercammen and Victor Gasparl The problem of constructing the' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader030.cupdf.com/reader030/viewer/2022020315/5ad9dbaa7f8b9add658bd46b/html5/thumbnails/7.jpg' width='140' height='200' /> Page 8 <img 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Hedging with Commodity Options and Safety-First Rules · 50 HEDGING WITH COMMODITY OPTIONS AND SAFETY-FIRST RULES James Vercammen and Victor Gasparl The problem of constructing the

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