Competitive Storage and Commodity Price Dynamics
نویسندگان
چکیده
منابع مشابه
Competitive Storage and Commodity Price Dynamics
By buying cheap and selling dear, risk-neutral commodity speculators can smooth commodity prices and induce serial dependence in price even when none would exist under a simple process of supply and demand. Commodity prices are variable and strongly positively correlated from one year to the next. The variability is often explained by supply factors, and the autocorrelation by the activities of...
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ژورنال
عنوان ژورنال: Journal of Political Economy
سال: 1996
ISSN: 0022-3808,1537-534X
DOI: 10.1086/262046