Options on agricultural futures are popular financial instruments used for agricultural price risk management and to speculate on future price movements. Poor performance of Black’s classical option pricing model has stimulated many researchers to introduce pricing models that are more...

Replaced with revised version of paper 02/10/10.

This paper examines three invited papers focused on commodity prices. Public responses to high nominal commodity prices and perceived increases in price risk have ranged from attempts to assign blame, attempts to change contracting arrangements, and development of public policy that...

Future contracts for fluid milk began trading in late 1995 and early 1996. This paper investigates the potential use of fluid milk futures contracts as hedge vehicles for dairy producers in the Upper Midwest and California markets. This is done by developing simulated futures prices for the...

Replaced with revised version of paper 02/10/10.

Options on agricultural futures are popular financial instruments used for agricultural price risk management and to speculate on future price movements. Poor performance of Black’s classical option pricing model has stimulated many researchers to introduce pricing models that are more...

Replaced with revised version of paper 12/30/09.

Numerous studies have shown that consumers are on average willing to pay more for products at local direct markets, but tend to examine consumer preferences for goods available during the normal season. Studies which examine pricing and consumer preferences for local foods available outside of...

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