chapter  4
14 Pages

Theories of market equilibrium: Brennan and Telser

The purpose of this chapter is to discuss the general storage models of Brennan ('The Supply of Storage', American Economic Review, March 1958, pp. 50-72) and Telser ('Futures Trading and the Storage of Cotton and Wheat', Journal of Political Economy, June 1958, pp. 233-55), which are developed in the absence of futures trading.