Beginning in 1999/2000, global stock to use ratios for the major cereal grains declined rapidly, and just before the beginnings of the world food crisis in the second half of 2006 these ratios had reached their lowest levels in more than 20 years for all of the three major grains (rice, wheat,...

This paper shows the importance of explicitly considering marketing margins in analyses of the impact of price changes on the welfare of different segments of the population. Failure to acknowledge the implicit marketing assumptions embedded in an analysis that assumes equal percentage changes...