کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5055571 1371494 2008 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Modelling dynamic storage function in commodity markets: Theory and evidence
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Modelling dynamic storage function in commodity markets: Theory and evidence
چکیده انگلیسی

In this work, we derive a model to investigate the optimal storage policy in metal commodity markets. From an inter-temporal setting, we carry out a criterion driving the stockholding decisions based on Tobin's q rule in which marginal benefits from holding inventories can be compared with marginal storage costs.We estimate the model for the world copper market by taking into account both spot price and convenience yield equations. In our sample, the estimated models are statistically robust and economically coherent with the theory, even though the patterns of the inventory accumulation process show high sensitivity to the uncertainty about worldwide economic conditions.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economic Modelling - Volume 25, Issue 5, September 2008, Pages 1080-1092
نویسندگان
, ,