Given the tremendous volatility of commodity prices, models used to test the efficiency of futures markets often contain unstable parameter estimates. This instability may cause the results of hypothesis tests to become sensitive to the sample period. As a result, tests based on constant...

Both the Theory of Storage and the Hotelling model play a prominent role in the study of non-renewable resource prices. This paper combines these approaches by modifying the Hotelling model to allow firms to hold inventory in addition to in-ground reserves, contributing three new results. First,...