Speculative Carryover: An Empirical Examination of the U.S. Refined Copper Market
RAND Journal of Economics, 1988, vol. 19, issue 3, 420-437
This article develops and estimates an empirically tractable model of equilibrium storage. The method bridges the gap between theoretical rational expectations models and applied commodity market work. The application to the U.S. refined copper market provides estimates of structural supply and demand, rational price forecasts, and the risk of copper storage that is consistent with modern portfolio theory.
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