High and volatile prices of major commodities have generated a wide array of analyses and policy prescriptions, including influential studies identifying price bubbles in periods of high volatility. Here we consider a model of the market for a storable commodity in which price expectations are...

High and volatile prices of major commodities have generated a wide array of analyses and policy prescriptions, including influential studies identifying price bubbles in periods of high volatility. Here we consider a model of the market for a storable commodity in which price expectations are...

We empirically address the implications of biofuel policy regarding major grains, to the subsequent evolution of the markets for calories from the three major grains, maize, wheat and rice. The implied market variables, namely, market price, consumption, and stocks, using a structurally...

In Chile, once the student finish primary school, he has to choose between two main types of high school education: scientific and technical education. The final decision between these options depends on a set of family characteristics such as schooling,

Few now doubt that successfully managing environmental challenges will be central to public policy in the coming century. Unless the international community can cope with transnational problems such as global warming, destruction of species and tropical rain-forests, depletion of oceanic fish...

This paper examines one application of the derived demand theoretical framework to some of the main Chilean forestry markets. We found that in some particular markets this framework does not fit well. The results detailed here suggest that the implicit as

The problem of forest management with noncentralized land property seems of increasing importance, specially for developing countries. There is a need to design mechanisms that allow to obtain both commercial benefits from exploitation and purely social b

In the long view, recent grain price volatility is not anomalous. Wheat, rice, and maize are highly substitutable in the global market for calories, and when aggregate stocks decline to minimal feasible levels, prices become highly sensitive to small shocks, consistent with storage models. In...