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Dynamic welfare analysis and commodity futures markets overshooting

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  • Economics

Abstract

Dynamic welfare analysis and commodity futures markets overshooting eScholarship provides open access, scholarly publishing services to the University of California and delivers a dynamic research platform to scholars worldwide. Department of Agricultural and Resource Economics, UCB UC Berkeley Title: Dynamic welfare analysis and commodity futures markets overshooting Author: Rausser, Gordon C., University of California, Berkeley and Giannini Foundation Walraven, Nicholas, University of California, Berkeley Publication Date: 10-01-1988 Series: CUDARE Working Papers Publication Info: Department of Agricultural & Resource Economics, UCB Permalink: http://www.escholarship.org/uc/item/7xc0k7s1 Keywords: equilibrium, exchange rates, future trading, supply and demand, welfare economics Local Identifier: CUDARE Working Paper No. 491 Copyright Information: All rights reserved unless otherwise indicated. Contact the author or original publisher for any necessary permissions. eScholarship is not the copyright owner for deposited works. Learn more at http://www.escholarship.org/help_copyright.html#reuse DEPARTMENT OF AGRICULTURAL AND RESOURCE ECONOMICS-l --- DIVISION OF AGRICULTURE AND NATURAL RESOURCES~RSITYOF CALIFORNIA; '~, \. ~ORKING PAPER NO. 491 DYNAMIC WELFARE ANALYSIS AND COMMODITY FUTURES MARKETS OVERSHOOTING by Gordon C. Rausser and Nicholas Walraven thANNINJ POUNDATION O~ .AaR!CULTURAL ECONOMICS UBRARY OCT 25 1988 California Agricultural Experiment Station Giannini Foundation ofAgricultural Economics October, 1988 --~ . . ..~, \ , DYNAMIC WELFARE ANALYSIS AND COMMODITY FUTURES MARKETS OVERSHOOTING I. INTRODUCTION Much of the analysis conducted on commodity futures markets focuses on partial equilibrium frameworks (Fama, 1970, and Stein, 1981). However, linkages among markets implied by general equilibrium representations show that such analyses can suffer from serious limitations (Walraven and Rausser, 1986). In pa

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