Under the theoretical intraday microstructure framework, we analyze the impact of traders’ heterogeneous responses to market information on daily futures price and trading activity by utilizing the unique features of Class III milk futures contract. The cash settlement and classified pricing...

The role played by “speculators” during the 2007/08 food price spike is lively disputed. Our analysis focuses on the increasing participation of index funds in agricultural commodity futures markets before the food price spike. Our central theme is to determine if their prespike massive...

Drawing on the method developed by Just and Pope (1978, 1979), this paper separately analyzes the marginal contributions of both regular input factors and climate factors to mean output and to production risk in Chinese inland aquaculture. Furthermore, the net change in output following a 1°C...

This paper analyzes forest carbon offset credits arising under a possible cap-and-trade system in the United States and its effect on net revenue and commodity prices. A real option model determines the optimal switching from agriculture to forestry under uncertainty in both activities. The key...

The failure of the development of commercially viable traditional crop insurance products and innovations in financial markers has fed a renewed interest in the search for alternatives to help producers in developing countries manage their risk exposure. Salient among these is the proposal of...

The failure of the development of commercially viable traditional crop insurance products and innovations in financial markers has fed a renewed interest in the search for alternatives to help producers in developing countries manage their risk exposure. Salient among these is the proposal of...