Storage and Commodity Markets (Hardcover)

Preface; Acknowledgments; 1. Introduction; Part I. The Basic Model: 2. Competitive equilibrium with storage; 3. Solving for the storage equilibrium Appendix: Numerical solution of the storage model; 4. The effects of storage on production, consumption, and prices; 5. Convergence to the steady state; Part II. Implications Of Storage For Reasearch On Time Series: 6. Time-series properties due to storage; 7. Test of rationality; Part III. Extensions Of The Model: 8. The market's reaction to news; 9. The interaction of storage and trade; 10. Inventories of raw materials, finished goods, and goods in process; 11. Market power and storage; Part IV. Public Interventions: 12. Welfare analysis of market stabilization; 13. Floor-price schemes; 14. Public storage under price bands and price pegs; 15. Public policies to supplement private storage; Part V. Epilogue: 16. Lessons about commodity markets and modeling strategies; References; Author index; Subject index.