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Intertemporal Allocation in the Corn and Soybean Markets with Rational Expectations
Author(s) -
Giles David E. A.,
Goss Barry A.,
Chin Olive P. L.
Publication year - 1985
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1241814
Subject(s) - speculation , futures contract , economics , commodity , spot contract , futures market , rational expectations , financial economics , microeconomics , econometrics , macroeconomics , market economy
This paper addresses the intertemporal allocation of supplies and the simultaneous determination of spot and futures prices in the U.S. corn and soybean markets. It presents simultaneous equations models in a comparative study of U.S. commodity markets, with separate functional relationships for long and short hedgers, long and short speculators in futures, consumers, and holders of unhedged inventories.