Dr Pirrong is Professor of Finance, and Energy Markets Director for the Global Energy Management Institute at the Bauer College of Business of the University of Houston. He was previously Watson Family Professor of Commodity and Financial Risk Management at Oklahoma State University, and a faculty member at the University of Michigan, the University of Chicago, and Washington University. Professor Pirrong's research focuses on the organization of financial exchanges, derivatives clearing, competition between exchanges, commodity markets, derivatives market manipulation, the relation between market fundamentals and commodity price dynamics, and the implications of this relation for the pricing of commodity derivatives. He ...More has published 30 articles in professional publications, is the author of three books, and has consulted widely, primarily on commodity and market manipulation-related issues. He holds a Ph.D. in business economics from the University of Chicago.
- Trading frequency: Infrequent
- Interests: Options
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Commodity Price Dynamics: A Structural Approach From the blurbs: "Craig Pirrong is one of the most thoughtful scholars working on commodity markets today and he combines an understanding of finance, statistics, and economics in a way that is rare. His book presents a focused and convincing message concerning the advantages of using a structural approach ...More
to modeling commodity prices. The interplay between modeling and empirical validation is excellent and provides considerable insight on how commodity prices work and why they work the way they do." - Paul Fackler, North Carolina State University "This book provides a rigorous and much-needed analysis of the economics of commodity markets. In contrast to the histrionics reflected in today's headlines, the analysis is based on the firm foundation provided by the rational model of commodity storage. The basic model is explained in terms that are accessible to anyone with a working knowledge of basic economics, a considerable contribution in itself. Readers will especially appreciate the thorough discussion of failures of the model under various conditions and what this implies for our understanding of commodity markets. Pithy comments that are sprinkled throughout the book highlight key points. Researchers, market participants, and policy makers can all benefit handsomely by reading this book." - Scott Irwin, University of Illinois at Urbana-Champaign "Pirrong's book is a rich and thorough treatment of dynamic models of commodity price determination, particularly metals prices." - Kenneth J. Singleton, Stanford University
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