Agricultural commodities are typically produced over an extensive spatial area and are costly to transport relative to their total value. These characteristics yield a complex set of spatial price linkages which are often studied to gain insights into the performance of markets. An extensive...

In the United States, over 70% of milk production is priced under Federal Milk Marketing Orders (FMMOs). A primary purpose of FMMOs is to facilitate orderly allocation of milk as a limited, perishable resource among alternative uses. Fundamental to FMMOs are the regulatory prices applicable to...