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Orange Juice and Weather

Roll, Richard (1984) Orange Juice and Weather. American Economic Review, 74 (5). pp. 861-880. ISSN 0002-8282.

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Frozen concentrated orange juice is an unusual commodity. It is concentrated not only hydrologically, but also geographically; more than 98 percent of U.S. production takes place in the central Florida region around Orlando.' Weather is a major influence on orange juice production and un- like commodities such as corn and oats, which are produced over wide geographical areas, orange juice output is influenced primarily by the weather at a single location. This suggests that frozen concentrated orange juice is a relatively good candidate for a study of the interaction between prices and a truly exogenous determinant of value, the weather.

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Additional Information:© 1984 American Economic Association. I am grateful for discussions with Eugene Fama and Stephen Ross, for comments on an earlier draft by Gordon Alexander, Thomas Copeland, Michael Darby, David Mayers, Huston McCulloch, and Sheridan Titman, for the coop- eration of Paul Polger of the National Oceanographic and Atmospheric Administration, and for comments in seminars from the finance faculties of the universities of British Columbia, Alberta, and Illinois. Kathy Gillies provided excellent research assistance. Financial assistance was provided by Allstate, the Center for Research in Financial Markets and Institutions at UCLA and by the Center for the Study of Futures Markets at Columbia.
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University of California Los Angeles (UCLA)UNSPECIFIED
Columbia UniversityUNSPECIFIED
Issue or Number:5
Record Number:CaltechAUTHORS:20190501-112416217
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Official Citation:Roll, Richard. “Orange Juice and Weather.” The American Economic Review, vol. 74, no. 5, 1984, pp. 861–880. JSTOR,
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:95137
Deposited By: Tony Diaz
Deposited On:01 May 2019 18:38
Last Modified:03 Oct 2019 21:10

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