Menkhaus, D. J.Bastian, C. T.Phillips, Owen R.O'Neill, P. D.2024-02-082024-02-081999-12-0110.15786/13679059https://wyoscholar.uwyo.edu/handle/internal/1546https://doi.org/10.15786/13679059Laboratory methods are used to investigate the impacts of supply and demand risks in a forward market on prices, quantities traded, and earnings when the choice of transacting in a forward or spot market is endogenous. Forward market activity dominates spot trading, with 80-90% of the trades taking place in the forward market regardless of how risk arises. Buyer earnings tend to be higher than earnings for seller when there is risk. A correspondence exists between risk type and the relative increase in buyer earnings. Buyer earnings increase significantly when demand is random, and also when both supply and demand are random.enghttps://creativecommons.org/licenses/by/4.0/experimental economicsforward and spot marketssupply and demand risksEconomicsjournal contribution