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          Volume 04, Number 01, July 1979 >

Please use this identifier to cite or link to this item: http://purl.umn.edu/32430

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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