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Futures market for spectrum trade in wireless communications: Modeling, pricing and hedging

A futures market is proposed for spectrum market in order to manage the financial risk in spectrum trade and discovering future price. The similarities between the spectrum market and electricity market are pointed out. The model of spot market price in the spectrum market is discussed using a set of real activity measurements of cellular base stations. The characteristics of price are analyzed using Black-Scholes model. Based on the models, the option pricing strategies, which determine the price of futures options, and hedging policies, which determine the investment in the futures markets in order to reduce the financial risk, are discussed analytically. Both strategies are tested using the measurement data.