A debate has been raging for centuries regarding the effects of inter-annual storage on commodity prices. Most analysts consider storage to function as a price stabilizer, while others place it at the core of an explanation of intriguing features of commodity price series, such as skewed...

Recent developments in world food markets stress the importance of identifying the sources of food price volatility. This paper develops a nonlinear Cobweb model with endogenous volatility which accounts for several characteristics of agricultural commodity markets (seasonality, storage) and...

Replaced with revised version of paper 10/22/08.

[eng] For the vast majority of professional economists, it is quite natural to think of the elasticity of supply with respect to price as being positive. The same idea is a matter of controversis among agricultural economists. Often, it is alleged that the rationality is radically different for...