ABSTRACT
The concept of hedging used in the literature, changed between 1940 and 1950. Keynes (op. cit.), Hicks (op. cit.), Kaldor (in the Essays) and Blau (op. cit.) use the ‘old’ concept, while Working (‘Futures Trading and Hedging’, American Economic Review, June 1953, vol. 43, pp. 314–43) and some later writers use a different concept, which is, however, evident to some extent in Dow (op. cit., see p. 22 above).
