Synopses & Reviews
This book deals with the capability to store surplus commodities and the impact of stockpiles on prices and production.
Review
"...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 Journal
Table of Contents
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 marketâs 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.