Editor's choice Empirical commodity storage model: the challenge of matching data and theory

V. Ernesto Alex Guerra, Eugenio Sebastián Antonio Bobenrieth H., Juan Rodrigo Andrés Bobenrieth H. and Carlo Cafiero

European Review of Agricultural Economics, 2015, vol. 42, issue 4, 607-623

Abstract: The ability of the standard commodity storage model to replicate annual price serial correlation is a controversial issue. Calendar year averages of prices induce spurious smoothing of price spikes, a fact that has been surprisingly overlooked in several empirical estimations of the annual commodity storage model for agricultural commodities. We present the application of a maximum likelihood estimator of the storage model for maize prices, correcting for the spurious smoothing. We find, for this data set, serious differences in magnitudes of interest.

Date: 2015
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European Review of Agricultural Economics is currently edited by Timothy Richards, Salvatore Di Falco, Céline Nauges and Vincenzina Caputo

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