This paper contributes to the debate on the link between speculation and price volatility in two ways. First, a simple CAPM model is used to derive the demand for commodity futures contracts by institutional investors, and this derived demand is then integrated into a simple rational...

The development of voluntary certification schemes in areas as diverse as fish, coffee and forestry offer the promise of environmental improvements without the requirement of governmental regulation and intervention. In many cases, however, the costs to landholders of making the transition are...