This paper develops a continuous-time satiation preference with multiple needs and multiple goods. Goods meet different kinds of needs and the degree to which needs are met determines the utility. We derive closed-form solutions to the optimal consumption problems with a class of tractable...

We investigate the relationship between the gas spot market and the price of gas storage capacity. Contrary to the common belief, the auction prices for gas storage are mostly affected by the volatility of current market prices rather than by the winter-summer price differences. This paper...