The Review of economic studies.
- Oxford The review of economic studies limited 1992.
- Quarterly.
- Vol.10, No.1, 1942-43 - Vol.59, No.198-1992.
Applies the standard rational expectations competetive storage model to the study of thirteen commodities. It explains the skewness, and the existence of rare but violent explosions in prices, coupled with a high degree of price autocorrelation in more normal times.