Der Mensch treibt Raubbau an der Natur, er verbraucht zu viel Energie, zu viele Rohstoffe, zu viel Land. Kurzum: Die jetzigen Wirtschafts- und Lebensweisen der Menschheit, zumal bei uns im Westen, sind nicht nachhaltig. Wer würde diesem Urteil widersprechen? Die Indizien scheinen doch...

This article investigates the modelling of the convenience yield in the European carbon market by using daily and intradaily measures of volatility. The convenience yield stems from differences in spot and futures prices, and can explain why firms hold inventories. The main findings are that (i)...

This article explains the role of the convenience yield in the relationships linking spot and futures prices in commodity derivatives markets. First, this variable restores the non arbitrage relationship between the prices of the underlying asset and the derivative instrument. Second, it allows...