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This paper studies the dynamic interaction between the net positions of traders and risk premiums in commodity futures markets. Short-term position changes are mainly driven by the liquidity demands of non-commercial traders, while long-term variation is primarily driven by the hedging demands of commercial traders. These two components influence expected futures returns with opposite signs. The gains from providing liquidity by commercials largely offset the premium they pay for obtaining price insurance.
Author : Diana Goldin Publisher : Metropolitan Museum of Art New York Page : 36 pages File Size : 30,30 MB Release : 1977 Category : ISBN : 9780870991721
Some in the social sciences argue that the same logic applies to both qualitative and quantitative methods. In A Tale of Two Cultures, Gary Goertz and James Mahoney demonstrate that these two paradigms constitute different cultures, each internally coherent yet marked by contrasting norms, practices, and toolkits. They identify and discuss major differences between these two traditions that touch nearly every aspect of social science research, including design, goals, causal effects and models, concepts and measurement, data analysis, and case selection. Although focused on the differences between qualitative and quantitative research, Goertz and Mahoney also seek to promote toleration, exchange, and learning by enabling scholars to think beyond their own culture and see an alternative scientific worldview. This book is written in an easily accessible style and features a host of real-world examples to illustrate methodological points.
When acclaimed journalist Alan Deutschman came to the California wine country as the lucky house guest of very rich friends, he was surprised to discover a raging controversy. A civil war was being fought between the Napa Valley, which epitomized elitism, prestige and wealthy excess, and the neighboring Sonoma Valley, a rag-tag bohemian enclave so stubbornly backward that rambunctious chickens wandered freely through town. But the antics really began when new-money invaders began pushing out Sonoma’s poets and painters to make way for luxury resorts and trophy houses that seemed a parody of opulence. A Tale of Two Valleys captures these stranger-than-fiction locales with the wit of a Tom Wolfe novel and uncorks the hilarious absurdities of life among the wine world’s glitterati. Deutschman found that on the weekends the wine country was like a bunch of gracious hosts smiling upon their guests, but during the week the families feuded with each other and their neighbors like the Hatfields and McCoys. Napa was a comically exclusive club where the super-rich fought desperately to get in. Sonoma’s colorful free spirits and iconoclasts were wary of their bohemia becoming the next playground for the rapacious elite. So, led by a former taxicab driver and wine-grape picker, a cheese merchant, and an artist who lived in a barn surrounded by wild peacocks, they formed a populist revolt to seize power and repel the rich invaders. Deutschman’s cast of characters brims with eccentrics, egomaniacs, and a mysterious man in black who crashed the elegant Napa Valley Wine Auction before proceeding to pay a half-million dollars for a single bottle. What develops is nothing less than a battle for the good life, a clash between old and new, the struggle for the soul of one of America’s last bits of paradise. A dishy glimpse behind the scenes of a West Coast wonderland, A Tale of Two Valleys makes for intoxicating reading.
Political journalist Paul Berman recounts four episodes in the history of a generation: student radicalism of the years around 1968; the birth of gay liberation and modern identity politics; the anti-Communist trajectory in the Eastern bloc; and the ideals and self-criticism of thinkers in America and in France, who debated the meaning of these events. A "New York Times" Notable Book.
This volume celebrates the life and career of Gordon Rausser, pioneer and leader in natural resource economics, while critically overviewing the emerging literature in the field. As the chair of the Agriculture and Resource Economics department at UC Berkeley, Rausser led the transformation of the department from a traditional agricultural economics department to a diverse resource economics department addressing issues of agriculture, food, natural resources, environmental economics, energy, and development. This book builds on this theme, showcasing not only the scope of Rausser's work but also key developments in the field. The volume is organized into two parts. The first part speaks about the lessons of Gordon Rausser's career, in particular, his role as a leader in different spheres, his capacity to integrate teaching and entrepreneurship, and his impact on the world food system. The second part will address some of the significant developments in the field he contributed to and how it relates to his work. The chapters include contributions from modern leaders in the economics field and cover diverse topics from many subfields including public policy, public finance, law, econometrics, macroeconomics, and water resources. Providing an excellent reference, as well as a celebration of a pivotal figure in the field, this volume will be useful for practitioners and scholars in agricultural and resource economics, especially the many individuals familiar with Gordon Rausser and his career.
Commodities: Markets, Performance, and Strategies provides a comprehensive look at commodity markets along many dimensions. Its coverage includes physical commodity fundamentals, financial products and strategies for commodity exposure, and current issues relating to commodities. Readers interested in commodity market basics or more nuanced details related to commodity investment can benefit.