
Storage and Commodity Markets
Cambridge University Press
Published on 24. November 2005
Book
Paperback/Softback
520 pages
978-0-521-02339-9 (ISBN)
Description
Storage and Commodity Markets is primarily a work of economic theory, concerned with how the capability to store a surplus affects the prices and production of commodities. Its focus on the behaviour, over time, of aggregate stockpiles provides insights into such questions as how much a country should store out of its current supply of food considering the uncertainty in future harvests. Related topics covered include whether storage or international trade is a more effective buffer and whether stockpiles are more useful in raw or processed form. Several chapters are devoted to analysing such government programmes as price bands, buffer stocks, and strategic reserves. This material is in the domain of applied welfare analysis with public finance. Because the theory presented is sufficiently general, it should be of interest to macroeconomists studying aggregate inventories or savings and to those in operations research studying inventory and pricing policies of large firms.
Reviews / Votes
"...this book has much to say about commodity markets and the role of storage. In addition, it makes a number of important and well-supported points aboutp public policy. It is well worth reading." Journal of Economic Literature "This book is of major significance in the analysis of commodity markets. It will be required reading for all students of agricultural economics; and will also be widely read by those working on metals markets and the oil market." Economic JournalMore details
Language
English
Place of publication
Cambridge
United Kingdom
Target group
Professional and scholarly
Product notice
Paperback (trade)
Illustrations
Worked examples or Exercises
Dimensions
Height: 229 mm
Width: 152 mm
Thickness: 30 mm
Weight
836 gr
ISBN-13
978-0-521-02339-9 (9780521023399)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Persons
Author
Stanford University, California
University of California, Berkeley
Content
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.