A conceptual model of storage behavior is developed. Optimal intertemporal pricing is derived to analyze the effects of transaction costs on storage andarbitrage pricing. It is shown how transaction costs can rationalize the existence of an inverse carrying charge for inventory. The model is...

A structural model of regional economic growth is estimated using data for 2243 rural U.S. counties. Five indices designed to capture specific amenity and quality of life characteristics are constructed using fifty-four separate indicators. Results suggest that amenity characteristics can be...