This paper examines the roles of futures prices of crude oil, gasoline, ethanol, corn, soybeans and sugar in the energy-grain nexus. It also investigates the own- and cross-market impacts for lagged grain trading volume and open interest in the energy and grain markets. According to the results,...

This paper introduces two axioms that capture the idea of sustainable development, and characterizes the welfare criterion that they imply. The axioms require that neither the present nor the fixture should play a dictatorial role in society"s choices over time. Theorems I and 2 show there...

To explain the patterns of world trade of resources. this paper combines the biological dynamics of the renewable resource and game theoretical explanations of its extraction under different property regimes. with a general equilibrium model of North South trade (Chichilnisky. 1981. 1986). The...

This paper studies a general equilibrium North-South economy consisting of two countries which produce and trade two goods using two inputs of production. lt extends the North-South trade model of Chichilnisky (1981. 1986) by assuming that one input of production is a renewable resource which...

We study paths which involve optimal use of a renewable resource under several alternative definitions of optimality, including the discounted utilitarian, Chichilnisky's, the Rawlsian and the green golden rule. Initially we consider an economy where the only good is the resource: subsequently,...

We address the problem of optimal use of renewable resources under a variety of assumptions both about the nature of the economy in which these resources are embedded and about the objective of that economy. In this second respect, we are particularly interested in investigating the consequences...

This paper examines the short- and long-run daily relationships for a grain-energy nexus that includes the prices of corn, crude oil, ethanol, gasoline, soybeans, and sugar, and their open interest. The empirical results demonstrate the presence of these relationships in this nexus, and...