NO.PZ2020012005000028
问题如下：
Suppose that speculators tend to take short futures positions on an asset, while and hedgers take long futures position. What would Keynes argue about the ability of futures prices to predict expected future spot prices?
选项：
解释：
Keynes would argue that the futures price overstates the expected future spot price because speculators are taking risks and require an expected positive profit to compensate for such risk. Hedgers are reducing risk and may be satisfied with a negative expected return.
我有一个疑问，在实物中，金融资产的期货价格就是无风险利率折现算出来的吗？因为很容易套利。那就不会出现backwardation的情况了吧？
