Policy makers often seek to integrate markets as a way to maximize social welfare. Prior research has examined the effect of market integration on social welfare (surplus) only at two extremes — when the markets are fully integrated, or, when they are fully isolated. But there is scarce...

A market regime-switching model is developed that has rate of trade identified using a rent-weighted approach. The model also indirectly accounts for the impacts of other competitors through separate specifications of variation parameters across alternate seasons. Commodity futures prices are...