The value of the timing option implicit in CBOT corn futures contract is estimated. Separate estimates are obtained for the option without and with convenience yield. The effect of the option on basis behavior at day one of the maturity month is examined and is found statistically significant.

An updated supply of storage equation is estimated to reflect recent developments in the theoretical and empirical literature. Among the findings is an inverse relationship between storage cost adjusted price spread and a proxy measure of convenience yield, and a curvilinear relationship between...

The expected net return to storage is conventionally calculated as the expected change in price over the storage period minus the cost of storage. However, this value is almost always negative, thus raising the question why would anyone store. Numerous explanations have been proposed, but none...

The metropolitan economy of Chicago has experienced a significant transformation in its economic structure over the past twenty years. Using a method for extraction of input–output tables that has been described elsewhere, it has been possible to produce an economic photograph of the Chicago...

The effect of exports on occupational demand is estimated. The notions of absorption and dissipating industries are introduced. Absorption industries form economic clusters that provide a mechanism to help explain the nature of regional changes as a result of the changes in exports