Getting insurance through demand rationing.

Summary When the demand for a good is uncertain, its producer can offer to buy it in advance, before it becomes available (the sale of a wine en primeur is a good example). Such an offer suffers from a coasian problem of credibility, since the producer cannot commit himself to the price of the good in cash. The authors show that this problem can be avoided by rationing consumers willing to buy the good in advance, and that any risk-averse producer would choose such a behavior.