Returns to storage for crude oil reserves contain both a cost-reducing component (consistent with Kaldor's original notion of convenience) and often sizable premiums associated with the dispersion of petroleum prices.Innovations in futures, options, and derivative instruments permit active...

Over the past dozen years, policymakers have largely abandoned long-standing popular approaches for addressing risk in agriculture without fully resolving the question of how best to manage the negative consequences of volatile agricultural markets. The article reviews the transition from past...

Insuring against crop yield risk is an important task in rural microfinance because such an insurance may improve access to capital for smallholders by substituting for collaterals. However, agricultural crop yield risk is even hard to mitigate in developed countries due to problems of...

Under the Kyoto Protocol, countries can meet treaty obligations by investing in projects that reduce or sequester greenhouse gases elsewhere. Prior to ratification, treaty participants agreed to launch country-based pilot projects, referred to collectively as Activities Implemented Jointly...

Abstract This paper examines the impact of agricultural subsidies on rental rates for grassland. In theory, the capitalization of subsidies into grassland rents has become increasingly important as a result of the decoupling of direct payments from production in 2005. The focus is on the...