@article{Koo:277825,
      recid = {277825},
      author = {Koo, Won W. and Burt, Oscar R.},
      title = {Distribution of Social Benefits with Optimal Control of  U.S. Wheat Stocks},
      address = {1979-07},
      number = {2135-2018-5892},
      pages = {14},
      year = {1979},
      abstract = {One of the most important objectives in a grain storage  program is to achieve the price stabilization.  Consequently, a fundamental question associated with a  storage program is who benefits and who loses from the  price stabilization. Many studies have been published to  answer this question. Waugh (13) took his proposition in  early 1940 that consumers are better, off from the price in  stabilization than the prices stabilized at their mean if  the source of price instability is stochastic fluctuations  in supply. Some years later, Oi (11) demonstrated that  producers facing random price due to stochastic shift in  demand are worse off from having prices stabilized at their  mean. These two studies considered the welfare of one group  only and ignored effects of price stabilization on the  other group. Massell (10) put consumers and producers  together in a single framework under the assumption that  demand and supply curves are linear with additive  stochastic disturbances. According to his study, welfare  gains to each group are indeterminate and depend upon the  relative size of variances and the slope of the demand and  supply curves. A limitation of this study is the assumption  of linear, supply and demand curves with additive  stochastic disturbances which are not always true in  application.},
      url = {http://ageconsearch.umn.edu/record/277825},
      doi = {https://doi.org/10.22004/ag.econ.277825},
}