This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

Convenience Yield without the Convenience: A Spatial-Temporal Interpretation of Storage under Backwardation

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Brennan, Donna
Williams, Jeffrey
Wright, Brian D

Additional information is available for the following registered author(s):

Abstract

A mathematical programming model of the wheat marketing system of Western Australia manifests a typical pattern of regionwide stocks held at a negative intertemporal spread measured at the port. No stocks are held at a monetary loss in terms of local prices. Any apparent loss is an illusion from spatial aggregation of stocks and attribution of incentives at one locality to storers at all locations. Moreover, as the premium for immediate delivery at the port rises, stocks increase at relatively inaccessible, inconvenient locations where prices are low, allowing more to be shipped from locations more convenient to the port. Copyright 1997 by Royal Economic Society.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://links.jstor.org/sici?sici=0013-0133%28199707%29107%3A443%3C1009%3ACYWTCA%3E2.0.CO%3B2-V&origin=bc
File Format: application/pdf
File Function: full text
Download Restriction: Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Publisher Info
Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 107 (1997)
Issue (Month): 443 (July)
Pages: 1009-22
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ecj:econjl:v:107:y:1997:i:443:p:1009-22

Contact details of provider:
Web page: http://www.res.org.uk/
More information through EDIRC

Order Information:
Web: http://www.blackwellpublishers.co.uk/asp/journal.asp?ref=0013-0133

For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).

Related research
Keywords:

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Wright, Brian, 2009. "International grain reserves and other instruments to address volatility in grain markets," Policy Research Working Paper Series 5028, The World Bank. [Downloadable!]
  2. Frechette, Darren L., 1999. "The Supply Of Storage Under Heterogeneous Expectations," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 31(03), December. [Downloadable!]
  3. Arndt, Channing & Schiller, Rico & Philipsen, Annelotte, 1998. "Maize Markets And Rural Storage In Mozambique: A Spatial And Temporal Analysis," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20991, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  4. Yoon, Byung-Sam & Brorsen, B. Wade, 2002. "Market Inversion In Commodity Futures Prices," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 34(03), December. [Downloadable!]
    Other versions:
  5. Carter, C.A & Cesar L. Revoredo Giha, 2005. "The Interaction of Working and Speculative Commodity Stocks," Environmental Economy and Policy Research Working Papers 03.2005, University of Cambridge, Department of Land Economics, revised 2005. [Downloadable!]
    Other versions:
  6. Andrew Coleman, 2007. "A model of spatial arbitrage with transport capacity constraints and endogenous transport prices," Reserve Bank of New Zealand Discussion Paper Series DP2007/05, Reserve Bank of New Zealand. [Downloadable!]
  7. Larson, Donald F. & Sarris, Alexander, 2009. "The performance of Bulgarian food markets during reform," Policy Research Working Paper Series 4876, The World Bank. [Downloadable!]
  8. Cesar Revoredo, 2000. "On The Solution Of The Dynamic Rational Expectations Commodity Storage Model In The Presence Of Stockholding By Speculators And Processors," Computing in Economics and Finance 2000 42, Society for Computational Economics. [Downloadable!]
  9. Andrew Coleman, 2007. "The pitfalls of estimating transactions costs from price data: evidence from trans-Atlantic gold-point arbitrage, 1886-1905," Reserve Bank of New Zealand Discussion Paper Series DP2007/07, Reserve Bank of New Zealand. [Downloadable!]
  10. Frederic Zimmerman & MICHAEL R. CARTER, . "Asset Smoothing, Consumption Smoothing and the Reproduction for Inequality under Risk and Subsistence Constraints," Wisconsin-Madison Agricultural and Applied Economics Staff Papers 402, Wisconsin-Madison Agricultural and Applied Economics Department. [Downloadable!]
  11. Franken, Jason R.V. & Garcia, Philip & Irwin, Scott H., 2006. "Do Interest Rates Explain Disaggregate Commodity Price Growth?," 2006 Annual meeting, July 23-26, Long Beach, CA 21319, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  12. Andrew Coleman, 2008. "Storage Under Backwardation: A Direct Test of the Wright-Williams Conjecture," Working Papers 08_13, Motu Economic and Public Policy Research. [Downloadable!]
  13. Prabhat Vaze, 2004. "A Model of Inter-Regional Trade in Grains with Storage," ESE Discussion Papers 10, Edinburgh School of Economics, University of Edinburgh. [Downloadable!]
  14. Seamon, V. Frederick & Kahl, Kandice H. & Curtis, Charles E., Jr., 2001. "Regional And Seasonal Differences In The Cotton Basis," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 19(2). [Downloadable!]
  15. Power, Gabriel J. & Turvey, Calum G., 2008. "On Term Structure Models of Commodity Futures Prices and the Kaldor-Working Hypothesis," 2008 Conference, April 21-22, 2008, St. Louis, Missouri 37608, NCCC-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management. [Downloadable!]
Statistics
Access and download statistics

Did you know? Over 1000 institutions contribute their bibliographic data directly to this service.

This page was last updated on 2009-12-8.


This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.