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...

The introduction of a stabilization scheme can raise or lower the wealth of initial owners of land and commodity stocks substantially, even if the are risk neutral. The incidence consists of the capitaliz ed value of the revenue changes along the path to the new stochastic steady state. By...