We use recent data of the CFTC to re-assess effects financial traders on informational efficiency in commodity futures markets. To do so, we focus excessive volatility as a means reflect noise price discovery process. show that role is more complex than often assumed literature. Researchers should distinguish between trading motives market actors, well increases and decreases open interest. Sev...

in this study, the situation of iran, u.s and turkey's pistachio export is investigated. to this purpose, revealed comparative advantage (rca) index is calculated based on agricultural and total economy export, separately, then forecasted by using auto- regressive integrated moving average (arima) approached, for 2008-2013. the results show that considering both commodity baskets, turkey a...

Executive Summary The commodity markets are significantly smaller and more fragmented than other major asset markets such as equities and bonds. Hence, available benchmarks differ greatly in the composition and the calculation methodologies and give varying pictures about volatility and returns over different time periods. Nonetheless, these benchmarks demonstrate a high degree of homogeneity i...

Markets for spectrum were first proposed by Ronald Coase [1] as a way to efficiently allocate this resource. It took another forty years for primary markets to be developed (in the form of spectrum auctions) as the mechanism for assigning spectrum licenses to users. It is not a secret that secondary markets would be necessary to fully realize the benefits of economic allocation of spectrum. But...

government interventions in agricultural markets in order to stabilize commodity prices and producer incomes have had a long tradition. intervention has been at both the state and country levels and has been for the most part in the form of commodity-based schemes. this study represents an attempt to develop an appropriate methodology for analyzing the aggre-gate effects of a particular type of...

a r t i c l e i n f o According to empirical studies, speculators place significant orders in commodity markets and may cause bubbles and crashes. This paper develops a cobweb-like commodity market model that takes into account the behavior of technical and fundamental speculators. We show that interactions between consumers, producers and heterogeneous speculators may produce price dynamics wh...

In search for general equilibrium in multi-commodity markets, price-oriented schemes are normally used. That is, a set of prices (one price for each commodity) is updated until supply meets demand for each commodity. It is well known that in a two-commodity market resource-oriented schemes are conceivable. In this paper we demonstrate the duality between priceand resource-oriented schemes in th...