Speculation upon the supply, and upon the demand, 436.— Definition of the carryover, 436.— The demand curve, 438.— The supply curve, 438.— Yields and the weather, 439.— Price of a short crop, 441. — Of a bumper crop, 441.— The carrying charge, 441.— Effect of speculation on consumption, 442— On production, 442.— Equilibrium in a one-year's operation, 443.— In a several-years' operation, 446.— Number of years' holding needed, 447.— Saw-tooth course of prices in years without carryover, 448.— Solution by successive approximation, 449.— Corollaries, 450.— Speculation upon the demand, 450.— Note on probability, 452.
John Burr Williams (1936) studied this question.