We analyze time-varying volatility in crude oil, heating oil, and natural gas futuresmarkets by incorporating changes in important macroeconomic variables and majorpolitical and weather-related events in conditional variance equations. We allow eachmarket to respond to positive news different...

Recent hydro-meteorological disasters have sparked popular interest in climate change and on its role in driving these events. This paper focuses on the information provided by hurricanes in shaping public perceptions towards human-induced climate change. Because CO2 emissions from combustion...

An extension of the Guerrero et al. (2010) net present value (NPV) analysis using real options analysis (ROA) is offered to improve machinery replacement decisions. Specifically, the feasibilities of replacing natural gas irrigation systems with either electric or hybrid (electric/wind) systems...

Biodiesel has recently drawn attention because of its potential to make an important contribution to national energy security and the environment. However, the rapid growth of biodiesel has raised concerns about biodiesel’s impact on the price level and volatility of agricultural commodities....

This study incorporates Real Options to determine the conditions under which it would be profitable for a regional shipping company to consider CNG (Compressed Natural Gas) as opposed to conventional diesel for the heavy-duty truck fleets. Such analysis can avoid the shipping industry adopting...

Replaced with revised version of paper 07/22/11.

We analyze demand substitution relationships among fish in the snapper/grouper complex in the southeast United States. Monthly data from 1977 to1992 are used to form a set of six fish aggregates. The dockside demands are analyzed in an empirical inverse demand system, developed for the purposes...

Recent lumber price volatility has been attributed to Spotted Owl Litigation and U.S.-Canada trade disputes. We use intervention analysis to explain daily lumber futures price volatility based on these events and other factors. The way information enters the market is shown to affect the speed...