My research falls into two main categories: price relationships among markets and the institutional features of markets. Regarding price relationships, I am concerned with the arbitrage connections for the same commodity (or financial instrument) among different locations or different delivery dates; especially when a temporary shortfall or surplus strains the transport, storage, or processing sectors. Regarding markets as institutions, I am interested in those that develop to deal with the variability in commodity supplies, such as swap markets and futures markets. I have underway a major project studying the liquidity of the Tokyo Grain Exchange's system of auction markets.