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...

Not as much abatement as has been presumed. Smog check programs aim to curb tailpipe emissions from in-use vehicles by requiring repairs whenever emissions, measured at regular time intervals, exceed a certain threshold. Using data from California, we estimate that on average 41% of the initial...

Road users have heterogeneous preferences regarding travel choices, such as time-of-day to travel, routes, and willingness to carpool. Understanding the variation in preferences would allow better modeling of the temporal distribution of travel demand and the development of pricing policies....

A two-period model of an industry of risk-neutral processors who have nonlinear production costs and who face transact ions costs in the spot and futures markets is put forth as a countere xample to the models of commodity markets in which processors' risk a version plays the major role. The...

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