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