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...

The lack of ex ante evaluation of germplasm in genebanks has been the single most prevalent and long-standing complaint of plant breeders about the management of genebanks. Advances in biotechnology offer the possibility of faster, cheaper and more efficient evaluation methodologies. Will these...

The costs of primary commodity price instability are reviewed and can be significant. Stabilization is problematic, given high serial correlation. Rolling over a sequence of one-year futures hedges can be quite effective and the optimal hedge is derived but encounters the problem of sovereign...