Though public intervention in the market for research is virtually universal, economists have
paid surprisingly little attention to the choice of the form of research incentive in a given …

Storage and Commodity Markets is primarily a work of economic theory, concerned with how
the capability to store a surplus affects the prices and production of commodities. Its focus …

Licensing contracts for newly patented innovations are observed to vary along several
dimensions, including the form and size of the payment to the inventor (fixed fee versus some …

Recent volatility of prices of major grains has generated a wide array of analyses and policy
prescriptions that reveal the inability of economists to approach a consensus on the nature …

… Wright gratefully acknowledges the Giannini Foundation for financial support. We thank
the Committees on Research at the University of California-Santa Cruz and the University of …

One of the earliest, and most successful, examples of economic policy is the oftquoted
Biblical account of Joseph's interpretation of the Pharoah's dream. Joseph foretold that seven …

Objectives Silver carbenes may represent novel, broad-spectrum antimicrobial agents that
have low toxicity while providing varying chemistry for targeted applications. Here, the …

This paper examines the welfare effects of introducing storage into a market with stochastic
supply in which all agents are competitive profit-maximizers with rational expectations. These …

A producer is generally willing to use more resources, including borrowing more capital for
production, if risk can be reduced. One of the major reasons for government involvement in …

The empirical relevance of models of competitive storage arbitrage in explaining commodity
price behavior has been seriously challenged in a series of pathbreaking papers by Deaton …