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Western Journal of Agricultural Economics >
Volume 04, Number 01, July 1979 >
Please use this identifier to cite or link to this item:
http://purl.umn.edu/32430
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| Title: | AN ECONOMETRIC EVALUATION OF STABILIZATION POLICIES FOR THE U.S. GRAIN MARKET |
| Authors: | Arzac, Enrique R. |
| Issue Date: | 1979-07 |
| Abstract: | This paper evaluates stabilization policies by applying methods of stochastic control and dynamic analysis to an econometric model of the U.S. grain market. Its main results are: (1) the aggregate consumer and producer surplus generated by the model is insensitive to the choice of the market regime; (2) policies directed to stabilize prices at levels compatible with nondecreasing farm revenue require the management of both grain inventories and domestic supply; (3) price fluctuations are significantly less under optimal stabilization than in the unregulated version of the model; and (4) historical policies have destabilizing effects on the market model. |
| URI: | http://purl.umn.edu/32430 |
| Institution/Association: | Western Journal of Agricultural Economics>Volume 04, Number 01, July 1979 |
| Total Pages: | 14 |
| Language: | English |
| From Page: | 9 |
| To Page: | 22 |
| Collections: | Volume 04, Number 01, July 1979
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| 04010009.pdf | 949Kb | PDF | View/Open |
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