The classical theory of commodity price determination integrates myopic supply and demand on the one hand with competitive storage (speculation) under rational expectations on the other. Taking into account the fact that inventories mist; be non-negative, this paper derives from the theory...

In this paper, I briefly review the literature on commodity prices as it touches on African economic development; fuller accounts are given in Gersovitz and Paxxon, Deaton and Miller and Collier and Gunning. In the next section, I provide some data that documents who exports what, and what has...

In this paper, we demonstrate that the empirical evidence is exactly the opposite of the theo-retical predictions. With total household expenditure per capita (PCE) held constant, expenditure per head on food falls with the number of heads. The result appears to be quite general; we find it not...

This paper reviews the evidence on growth and saving, considering various models in turn, and summarizing the extent to which they appear to be consistent with the facts. These reviews are necessarily brief, and apart from the first two sections, I focus on models of house-hold behavior that...

In our earlier work, we used data from the National Health Interview Survey (NHIS) to examine life-cycle patterns in health status and in the joint distribution of health status and income (Deaton and Paxson, 1998). In this paper we summarize and extend those results, and provide new evidence...