The Tokyo Grain Exchange (TGE)'s itayose mechanism provides the opportunity to analyze functioning Walrasian tacirc;tonnement auctions (WTA). In 15,677 auctions conducted over 1997ndash;1998 for corn and redbean futures contracts, price formation is unexpectedly similar to that observed in...

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...