Basis risk, liquidity costs, and survival of the fittest in energy futures markets. John Wayne. Caldwell 10027/11571 https://indigo.uic.edu/articles/thesis/Basis_risk_liquidity_costs_and_survival_of_the_fittest_in_energy_futures_markets_/10902758 Basis risk, liquidity costs, and survival of the fittest in energy futures markets. 2014-03-17 00:00:00 Economics, General.