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...

The achievements in agricultural innovation over the past century have been impressive, supporting large increases in agricultural yields and low food prices. Critical to this success has been sustained public sector investment combined with a decentralized and competitive research system in the...