Explaining Metals Prices

Economic Analysis of Metals Markets in the 1980s and 1990s

  • Paul W. MacAvoy

Part of the Rochester Studies in Economics and Policy Issues book series (RSEP, volume 5)

Table of contents

  1. Front Matter
    Pages i-xiii
  2. Paul W. MacAvoy
    Pages 23-51
  3. Paul W. MacAvoy
    Pages 81-88
  4. Back Matter
    Pages 89-132

About this book


Work on this book began in the Spring of 1983, not long­ after an Amax Corporation annual budget meeting. As a member of the Amax board of directors since 1979, I had been present at such meetings in which the molybdenum price had been forecast to move higher than $7.00 per pound. The actual annual average prices were $9.70 in 1980, $8.50 in 1981, and $4.00 in 1982. The forecast for 1983 called for prices to return to higher levels, but as both dealer and producer prices declined further, my research began in earnest. Initially, the research was to address the question of why the molybdenum price had declined by more than half in a short period. More fundamental, as other metals prices also declined, was an impelling need to know the causes of the abrupt and sustained reduction in metals price levels that year. As prices stayed at low levels, while those of other materials recovered over the 1983-1986 period, the question became that of why metals prices had remained at startlingly low levels for over five years.


board of directors competition equilibrium exchange rates meeting research

Authors and affiliations

  • Paul W. MacAvoy
    • 1
  1. 1.William E. Simon Graduate School of Business AdministrationUniversity of RochesterUSA

Bibliographic information

  • DOI
  • Copyright Information Springer Science+Business Media B.V. 1988
  • Publisher Name Springer, Dordrecht
  • eBook Packages Springer Book Archive
  • Print ISBN 978-94-010-7712-5
  • Online ISBN 978-94-009-2687-5
  • Series Print ISSN 0924-6002
  • Buy this book on publisher's site