Tools of the hedging trade, TAPPI JOURNAL, January 1998, Vol. 81(1)
John S. Maynard
Mastering the concepts of hedging (using forward sales contracts, swaps, futures and options to offset price fluctuations) is not an intuitive exercies. In fact, Southern Company Energy Marketing has produced a 100-page textbook on the subject and uses a simulation game to help hammer in hedging's benefits.