“…Underperformance has no bearing in this case. Nonetheless, within a representative hedger framework, Lien (1989bLien ( , 1990a demonstrates that a futures contract based on some sort of arithmetic average index (with weights reflecting the hedger's cash positions) dominates all possible index specifications in terms of both hedger's utility and trading volume. However, this conclusion is dubious when information asymmetry prevails in the markets.…”