We prove the strict concavity of the value function for liquidity-constrained saving or storage models with possibly responsive effort, possibly unbounded marginal utility, and i.i.d. disturbances. Thus we furnish a foundation for empirical estimation of homogeneous Markov processes for...

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...