The Pricing of Binspace—A Contribution to the Theory of Storage

Allen B. Paul

American Journal of Agricultural Economics, 1970, vol. 52, issue 1, 1-12

Abstract: The short-run supply of grain storage is reexamined. A classical, positively-sloping function applies over most of the observed range. Because different grains compete for space, all grains were considered together. A novel method of computing price was used. This price of binspace is positively related to off-farm grain stocks and sales of grain off farms—each deflated by bin capacity. Sales are a major influence, reflecting current handling demands as opposed to pure storage demands. Handling demands seem to act as a storage supply shifter. The position slope suggests existence of convenience yields for uncommitted bins.

Date: 1970
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