The statistical properties of daily closing futures prices for nine commodities are studied. Two hypotheses are examined: Price changes are normally distributed, and prices follow a random walk process. Normality is tested by estimating kurtosis, the R/S statistic, and characteristic exponents....

This report explores the effects on consumers and producers of terminating methods of supply management presently permitted through the use of Federal marketing orders for fruits, vegetables, and specialty crops. Changes in net social welfare are outlined both during the season controls are...

Food demand may be somewhat more price inelastic than previously estimated. The simple four-equation model developed here provides a formal empirical framework linking food demand to supply. Medium-range forecasts indicate that food prices may continue to rise slightly faster than average prices...

Cross-price elasticities are updated in this report, using the World Bank’s 2005 International Comparison Program (ICP) data for 9 major consumption categories across 144 countries. The 2005 ICP offers the most recent consistent data set for such a large number of countries. The consumption...

Consumer demand for food is an important component of the structure within which various agricultural policies have been formulated. To provide a model for food consumption forecasts and analyses of food program effects, a complete set of food demand relationships consisting of direct-and...