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Western Journal of Agricultural Economics >
Volume 07, Number 01, July 1982 >
Please use this identifier to cite or link to this item:
http://purl.umn.edu/32413
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| Title: | U.S. WHEAT STORAGE CONTROL UNDER JOINT CRITERIA OF MEAN BENEFITS AND PRICE VARIATION |
| Authors: | Koo, Won W.
Burt, Oscar R. |
| Issue Date: | 1982-07 |
| Abstract: | A method based on stochastic dynamic programming is developed to derive efficiency frontiers for the trade-off between the long-run average social benefits and price variation. The method is used to quantify the importance of price variation per se as a criterion in U.S. wheat storage policy. The results suggest that a single criterion of maximum expected social benefits, calculated by the traditional surplus measures, is satisfactory because price variation is incidentally reduced enough that further reductions can be attained only a considerable opportunity cost. |
| URI: | http://purl.umn.edu/32413 |
| Institution/Association: | Western Journal of Agricultural Economics>Volume 07, Number 01, July 1982 |
| Total Pages: | 12 |
| Language: | English |
| From Page: | 111 |
| To Page: | 122 |
| Collections: | Volume 07, Number 01, July 1982
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| 07010111.pdf | 791Kb | PDF | View/Open |
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