The technology of storing apples in refrigerated controlled atmospheres began spreading from New York to other states during the early 1950s and was introduced in all the major production areas by 1957. Economic and scientific factors were responsible for regional defferences in diffusion of CA...

This paper offers an alternative explanation for what is typically referred to as an asset pricing bubble. We develop a model that formalizes the Cochrane (2002) convenience yield theory of technology company stocks to explain why a rational agent would buy an “overpriced” security. Agents...