This paper looks at speculative behavior in one of the largest, and most volatile, international financial markets, petroleum derivatives. It utilizes a large, detailed database on individual trader positions in crude-oil and heating-oil futures markets. The paper is exploratory, focusing on...

Given the choice sets produced by a pair of Condorcet social choice correspondences, the following interesting questions arise. Does one of these sets always contain the other? If not, do they always intersect or, on the contrary, can they have an empty intersection?

We examine minimum quality standards (MQS) regulation in vertically differentiated markets with free entry.

Models use for natural resources prices usually preclude the possibility of large changes (jumps) resulting from discrete, unexpected events. To test for the presence of jumps and ARCH effects, we propose to use bounds and bootstrap test techniques, thus solving the unidentified nuisance...