Output Price Subsidies in a Stochastic World

Robert G Chambers () and John Quiggin ()

American Journal of Agricultural Economics, 2005, vol. 87, issue 2, pages 501-508

Abstract: This article studies the comparative statics of output subsidies for firms, with monotonic preferences over costs and returns, that face price and production uncertainty. The modeling of deficiency payments, support-price schemes, and stochastic supply shifts in a state-space framework is discussed. It is shown how these notions can be used, via a simple application of Shephard's lemma, to analyze input-demand shifts once comparative-static results for supply are available. A range of comparative-static results for supply are then developed and discussed. Copyright 2005 American Agricultural Economics Association.

Date: 2005

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American Journal of Agricultural Economics is edited by Peter Berck, Robert J. Myers, Ian M. Sheldon and B. Wade Brorsen

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