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...

Estimation of congestion costs, presumed to be one of the largest external costs of automobile travel, is typically based on a single value of time delay for motorists in metropolitan areas. However, the estimation may be wrong if the profiles of motorists are different at different times of...

We examine the volatility dynamics of NYMEX natural gas futures prices via the partially overlapping time‐series model of Smith (2005. Journal of Applied Econometrics, 20, 405–422). We show that volatility exhibits two important features: (1) volatility is greater in the winter than in the...