This study constructs dynamic welfare measures for a system of futures markets that express the allocative efficiency of a particular market as a function of its accuracy and speed of adjustment following a shock to the system. The system comprises future prices for T-bills, exchange rates...

Bruce L. Gardner was a giant in the agricultural economics profession. He was a brilliant academician, and had a major influence on U.S. farm policy over several decades and a number of presidential administrations. This special issue contains eight papers in his memory. One paper deals with the...