Topic
Commodity
About: Commodity is a research topic. Over the lifetime, 6473 publications have been published within this topic receiving 103526 citations. The topic is also known as: basic product & fungible good.
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TL;DR: Farriss and Reddy as discussed by the authors presented a cultural biography of things: commoditization as process Igor Kopytoff Part II, and two kinds of value in the Eastern Solomon Islands William H. Davenport and William M. Cassanelli Part V.
Abstract: Foreword Nancy Farriss Preface Part I. Toward an anthropology of things: 1. Introduction: commodities and the politics of value Arjun Appadurai 2. The cultural biography of things: commoditization as process Igor Kopytoff Part II. Exchange, Consumption, and Display: 3. Two kinds of value in the Eastern Solomon Islands William H. Davenport 4. Newcomers to the world of goods: consumption among the Muria Gonds Alfred Gell Part III. Prestige, Commemoration, and Value: 5. Varna and the emergence of wealth in prehistoric Europe Colin Renfrew 6. Sacred commodities: the circulation of medieval relics Patrick Geary Part IV. Production Regimes and the Sociology of Demand: 7. Weavers and dealers: the authenticity of an oriental carpet Brian Spooner 8. Qat: changes in the production and consumption of a quasilegal commodity in northeast Africa Lee V. Cassanelli Part V. Historical Transformations and Commodity Codes: 9. The structure of a cultural crisis: thinking about cloth in France before and after the Revolution William M. Reddy 10. The origins of swadeshi (home industry): cloth and Indian society, 1700-1930 C. A. Bayly Index.
4,169 citations
TL;DR: In this article, a global commodity chains perspective is used to analyze the social and organizational dimensions of international trade networks, with an emphasis on the apparel industry, and the mechanisms by which organizational learning occurs in trade networks.
2,864 citations
TL;DR: In this paper, Arrow has demonstrated that when externalities are present in a general equilibrium system, a suitable expansion of the commodity space would lead to Pareto optimality by bringing externalities under the control of the price system.
1,721 citations
TL;DR: In this article, the authors provide simple, analytic approximations for pricing exchange-traded American call and put options written on commodities and commodity futures contracts, which are accurate and considerably more computationally efficient than finite-difference, binomial, or compound-option pricing methods.
Abstract: This paper provides simple, analytic approximations for pricing exchange-traded American call and put options written on commodities and commodity futures contracts. These approximations are accurate and considerably more computationally efficient than finite-difference, binomial, or compound-option pricing methods. OPTIONS WRITTEN ON A wide variety of commodities and commodity futures contracts' now trade in the U.S. and Canada. Nearly all these options are American style2 and thus have early exercise premiums implicitly embedded in their prices. Unlike the European-style option-pricing problems, however, analytic solutions for the American option-pricing problems have not been found, and the pricing of American options has usually resorted to finite-difference, binomial, or, more recently, compound-option approximation methods. While these approximation methods yield accurate American option values, they are cumbersome and expensive to use. The purpose of this paper is to provide an accurate, inexpensive method for pricing American call and put options written on commodities and commodity futures contracts. The development of the "quadratic" approximation method is contained in Section I. Commodity option and commodity futures option contracts are defined, the underpinnings of commodity option valuation are discussed, and the solutions to the European call and put option-pricing problems are presented. Unlike the non-dividend-paying stock option case, it is shown that the American call option written on a commodity, as well as the American put option, may optimally be exercised prior to expiration. The approximation methods for the American call and put option values are then derived in the
1,196 citations
TL;DR: The authors examines the factors responsible for changes in crude oil prices and concludes that although scarcity rent made a negligible contribution to the price of oil in 1997, it could now begin to play a role.
Abstract: This paper examines the factors responsible for changes in crude oil prices. The paper reviews the statistical behavior of oil prices, relates this to the predictions of theory, and looks in detail at key features of petroleum demand and supply. Topics discussed include the role of commodity speculation, OPEC, and resource depletion. The paper concludes that although scarcity rent made a negligible contribution to the price of oil in 1997, it could now begin to play a role.
1,120 citations