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| Santos, Joseph M.. |
| Taken together, studies that examine how well commodity futures markets perform find that risk premiums are common—and so unbiasedness is not—and markets are not uniformly efficient across commodities or forecast horizons. This large body of research sheds important light on whether and to what extent commodity-futures markets forecast optimally future spot prices and, so, enable commercials to manage price risk by effectively parsing out much of it to speculators, a process that improves the total welfare of an economy with competitive but otherwise-incomplete markets. Nevertheless, that speculators can, in effect, improve welfare in this way has done little to quell popular hostilities toward futures markets. Such hostilities—and, in particular, those... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Commodities futures markets; Unbiasedness; Efficiency; Chicago Board of Trade; Agribusiness; Agricultural and Food Policy; Agricultural Finance; Demand and Price Analysis; Farm Management; Financial Economics; Marketing; Research Methods/ Statistical Methods; Risk and Uncertainty. |
| Ano: 2009 |
URL: http://purl.umn.edu/53040 |
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| Santos, Joseph M.. |
| Sharing with our students what we do as economists and how we do it can augment student learning in fundamental and interrelated ways. In particular, students learn to think like economists; to gain "information literacy;" to explain and synthesize their ideas clearly; and to engage themselves in the learning process. In this paper, I propose a curriculum to teach students how to access, chart and interpret macroeconomic data; to search and access peer-reviewed journal articles; and to formulate, in writing, positions on myriad economic issues, using empirical evidence and the extant academic literature to substantiate their positions. An assessment of the curriculum, which I instituted in fall 2001, demonstrated that students who participated were... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Teaching/Communication/Extension/Profession. |
| Ano: 2002 |
URL: http://purl.umn.edu/19854 |
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| Fausti, Scott W.; Keimig, R.; Diersen, Matthew A.; Kim, Han; Santos, Joseph M.. |
| The ability of the former voluntary price reporting system to generate market transparency in U.S. livestock markets was called into question by producer groups and academic research prior to the new federal system of mandatory price reporting being implemented. The market transparency issue is investigated by comparing price data collected from the former AMS voluntary price reporting systems to mandatory price reporting data for live slaughter steers collected by the State of South Dakota before the advent of the new federal system. The relationship between a set of public price report series and the South Dakota mandatory price series is analyzed using cointegration techniques. The empirical findings indicate a strong long-run and short-run... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Demand and Price Analysis. |
| Ano: 2002 |
URL: http://purl.umn.edu/32024 |
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| Fausti, Scott W.; Keimig, R.; Diersen, Matthew A.; Kim, Han; Santos, Joseph M.. |
| The ability of the former voluntary price reporting system to generate market transparency in U.S. livestock markets was called into question by producer groups and academic research prior to the new federal system of mandatory price reporting being implemented. The market transparency issue is investigated by comparing price data collected from the former AMS voluntary price reporting system to mandatory price reporting data for live slaughter steers collected by the State of South Dakota before the advent of the new federal system. The relationship between a set of public price report series and the South Dakota mandatory price series is analyzed using cointegration techniques. The empirical findings indicate a strong long-run and short-run integrated... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing. |
| Ano: 2003 |
URL: http://purl.umn.edu/35139 |
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