Milonas, Nikolaos T; Thomadakis, Stavros B - In: European Review of Agricultural Economics 24 (1997) 2, pp. 267-83
In this paper we present a simple model which explains convenience yields in line with Keynes' 'liquid stocks' theory. When the flows of demand and production of a commodity are not synchronised, stored inventories are the source of supply which absorbs demand fluctuations in periods between...