{"id":"https://openalex.org/W3102811709","doi":"https://doi.org/10.1111/ajae.12133","title":"Putting the Empirical Commodity Storage Model Back on Track: Crucial Implications of a \u201cNegligible\u201d Trend","display_name":"Putting the Empirical Commodity Storage Model Back on Track: Crucial Implications of a \u201cNegligible\u201d Trend","publication_year":2020,"publication_date":"2020-11-09","ids":{"openalex":"https://openalex.org/W3102811709","doi":"https://doi.org/10.1111/ajae.12133","mag":"3102811709"},"language":"en","primary_location":{"id":"doi:10.1111/ajae.12133","doi":"https://doi.org/10.1111/ajae.12133","is_oa":false,"landing_page_url":"https://doi.org/10.1111/ajae.12133","pdf_url":null,"source":{"id":"https://openalex.org/S91754907","display_name":"American Journal of Agricultural Economics","issn_l":"0002-9092","issn":["0002-9092","1467-8276"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","jufo-3","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"American Journal of Agricultural Economics","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5025066036","display_name":"Eugenio Bobenrieth","orcid":"https://orcid.org/0000-0001-9899-4186","observed_orcids":["https://orcid.org/0000-0001-9899-4186"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Eugenio S.A. Bobenrieth","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5019188066","display_name":"Juan Bobenrieth","orcid":"https://orcid.org/0000-0002-1302-5464","observed_orcids":["https://orcid.org/0000-0002-1302-5464"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Juan R.A. Bobenrieth","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5102951803","display_name":"Ernesto Guerra-Vallejos","orcid":"https://orcid.org/0000-0002-9844-3576","observed_orcids":["https://orcid.org/0000-0002-9844-3576"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Ernesto A. Guerra","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5014111885","display_name":"Brian D. Wright","orcid":"https://orcid.org/0000-0002-6440-8596","observed_orcids":["https://orcid.org/0000-0002-6440-8596"]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Brian D. Wright","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5012804373","display_name":"Di Zeng","orcid":"https://orcid.org/0000-0001-6403-5606","observed_orcids":["https://orcid.org/0000-0001-6403-5606"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Di Zeng","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5014111885"],"corresponding_institution_ids":[],"apc_list":{"value":3000,"currency":"USD","value_usd":3000},"apc_paid":null,"fwci":1.7881,"has_fulltext":false,"cited_by_count":17,"citation_normalized_percentile":{"value":0.89041927,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":97},"biblio":{"volume":"103","issue":"3","first_page":"1034","last_page":"1057"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11898","display_name":"Economics of Agriculture and Food Markets","score":0.9404000043869019,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11898","display_name":"Economics of Agriculture and Food Markets","score":0.9404000043869019,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.04919999837875366,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.004600000102072954,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/commodity-prices","display_name":"commodity prices","score":0.625},{"id":"https://openalex.org/keywords/price-autocorrelation","display_name":"price autocorrelation","score":0.9160000085830688},{"id":"https://openalex.org/keywords/nonstationarity","display_name":"non-stationarity","score":0.8389999866485596},{"id":"https://openalex.org/keywords/stochastic-trend","display_name":"stochastic trend","score":0.7590000033378601},{"id":"https://openalex.org/keywords/price-jumps","display_name":"price jumps","score":0.42500001192092896},{"id":"https://openalex.org/keywords/non-negativity-constraints","display_name":"nonnegativity constraints","score":0.7820000052452087},{"id":"https://openalex.org/keywords/interest-rates","display_name":"interest rates","score":0.6200000047683716},{"id":"https://openalex.org/keywords/dynamical-regimes","display_name":"dynamical regimes","score":0.45100000500679016}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7962284088134766},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.7046180963516235},{"id":"https://openalex.org/C2779439359","wikidata":"https://www.wikidata.org/wiki/Q317088","display_name":"Commodity","level":2,"score":0.5478406548500061},{"id":"https://openalex.org/C5297727","wikidata":"https://www.wikidata.org/wiki/Q786970","display_name":"Autocorrelation","level":2,"score":0.5031837821006775},{"id":"https://openalex.org/C145162277","wikidata":"https://www.wikidata.org/wiki/Q1751675","display_name":"Cointegration","level":2,"score":0.48821786046028137},{"id":"https://openalex.org/C90937171","wikidata":"https://www.wikidata.org/wiki/Q764869","display_name":"Contango","level":3,"score":0.4132685661315918},{"id":"https://openalex.org/C160623529","wikidata":"https://www.wikidata.org/wiki/Q273088","display_name":"Arbitrage","level":2,"score":0.4129011631011963},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.2836623787879944},{"id":"https://openalex.org/C106306483","wikidata":"https://www.wikidata.org/wiki/Q183984","display_name":"Futures contract","level":2,"score":0.25909048318862915},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.1148717999458313},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.080752432346344},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1111/ajae.12133","doi":"https://doi.org/10.1111/ajae.12133","is_oa":false,"landing_page_url":"https://doi.org/10.1111/ajae.12133","pdf_url":null,"source":{"id":"https://openalex.org/S91754907","display_name":"American Journal of Agricultural Economics","issn_l":"0002-9092","issn":["0002-9092","1467-8276"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","jufo-3","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"American Journal of Agricultural Economics","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":46,"referenced_works":["https://openalex.org/W148464764","https://openalex.org/W988152357","https://openalex.org/W1490995146","https://openalex.org/W1508317850","https://openalex.org/W1542118577","https://openalex.org/W1562750750","https://openalex.org/W1608214884","https://openalex.org/W1784924332","https://openalex.org/W1966561507","https://openalex.org/W1978083110","https://openalex.org/W1978701348","https://openalex.org/W1981990444","https://openalex.org/W1993635816","https://openalex.org/W1995713768","https://openalex.org/W1996452563","https://openalex.org/W2002304393","https://openalex.org/W2007415300","https://openalex.org/W2009611917","https://openalex.org/W2013507670","https://openalex.org/W2013534161","https://openalex.org/W2021075269","https://openalex.org/W2029650804","https://openalex.org/W2057843669","https://openalex.org/W2068325621","https://openalex.org/W2078565364","https://openalex.org/W2082285082","https://openalex.org/W2085888564","https://openalex.org/W2086714066","https://openalex.org/W2093025040","https://openalex.org/W2111275048","https://openalex.org/W2120170284","https://openalex.org/W2128714331","https://openalex.org/W2139079020","https://openalex.org/W2153073590","https://openalex.org/W2302893666","https://openalex.org/W2474980071","https://openalex.org/W2601057071","https://openalex.org/W2763520861","https://openalex.org/W3121159618","https://openalex.org/W3121473748","https://openalex.org/W3121607397","https://openalex.org/W3121976866","https://openalex.org/W3123874260","https://openalex.org/W3123970111","https://openalex.org/W3125603799","https://openalex.org/W4237970111"],"related_works":["https://openalex.org/W988152357","https://openalex.org/W4304208911","https://openalex.org/W7095121400","https://openalex.org/W7097098805","https://openalex.org/W2086714066","https://openalex.org/W3044614748","https://openalex.org/W2999568754","https://openalex.org/W4280650537","https://openalex.org/W1966561507","https://openalex.org/W2492252000"],"abstract_inverted_index":{"The":[0],"dynamics":[1],"of":[2,10,18,48,137],"consumption":[3],"and":[4,13,53,70,90,95,145],"stocks":[5],"are":[6],"crucial":[7],"for":[8,50],"analysis":[9],"commodity":[11],"prices":[12],"policies.":[14],"But":[15],"empirical":[16,41],"application":[17],"the":[19,39,45,79,92,114,118,133,148],"standard":[20],"storage":[21,36],"model":[22,37,42],"has":[23,106],"been":[24],"derailed":[25],"by":[26,65,84],"failure":[27],"to":[28,43,113,127,147],"replicate":[29],"high":[30,149],"real":[31],"price":[32,51,81,105,120,126,131,143],"autocorrelation.":[33],"Our":[34,72],"proposed":[35],"is":[38],"first":[40,78],"recognize":[44],"full":[46],"implications":[47],"nonstationarity":[49],"behavior":[52],"speculative":[54],"arbitrage":[55],"with":[56,110],"an":[57],"occasionally":[58],"binding":[59],"non\u2010negativity":[60],"constraint,":[61],"a":[62,85,96,107,128],"challenge":[63],"shared":[64],"DSGE":[66],"models":[67],"in":[68,88,117,132],"macroeconomics":[69],"growth.":[71],"consistent":[73],"least":[74],"squares":[75],"strategy":[76],"estimates":[77],"endogenous":[80],"trend":[82,87,109],"induced":[83],"latent":[86],"production":[89],"then":[91],"interest":[93,115],"rate":[94],"target":[97,130],"separating":[98],"two":[99],"distinct":[100],"dynamic":[101],"regimes.":[102],"In":[103],"one,":[104],"stochastic":[108],"drift":[111],"equal":[112],"rate;":[116],"other,":[119],"exhibits":[121],"expected":[122],"jumps":[123],"from":[124],"current":[125],"trending":[129],"stockout":[134],"region.":[135],"Neglect":[136],"small":[138],"trends":[139],"can":[140],"increase":[141],"measured":[142],"autocorrelation":[144],"variation":[146],"observed":[150],"levels.":[151]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":3},{"year":2024,"cited_by_count":3},{"year":2023,"cited_by_count":4},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":1}],"updated_date":"2026-11-07T11:25:07.637180","created_date":"2020-11-23T00:00:00"}