An Optimal Storage Rule With Political Preferences Toward Interest Groups

Jeong-Bin Im
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Jeong-Bin Im: Seoul National University

Korean Economic Review, 2001, vol. 17, 377-392

Abstract: This paper illustrates the public storage optimization process with special attention to the different welfare weights on interest groups. Public stock management is regarded as a major policy instrument which involves an intertemporal optimization under uncertainty. This study uses stochastic dynamic programming methods to examine the nature of dynamic equilibrium processes and to solve for the storage rules, with particular reference to the Korean rice market.

Keywords: Optimal storage; interest groups; political preferences; dynamic programming; Chebychev Approximiation (search for similar items in EconPapers)
JEL-codes: D6 D7 Q1 (search for similar items in EconPapers)
Date: 2001
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