AN ECONOMIC ANALYSIS OF STABILIZING SCHEMES

Abraham Subotnik and James P. Houck

No 13643, Staff Papers from University of Minnesota, Department of Applied Economics

Abstract: The main purpose of this paper is to analyze the welfare implications of stabilizing consumption and production and to compare it with the already-known welfare implications of stabilizing prices. Two sets of assumptions regarding supply behavior will be considered: (1) supply reacts instantaneously to a change in market prices, (2) producers react to changes in expected prices and expectations are "rational" within the context developed by J.F. Muth.

Keywords: Institutional; and; Behavioral; Economics (search for similar items in EconPapers)
Pages: 42
Date: 1975
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Persistent link: https://EconPapers.repec.org/RePEc:ags:umaesp:13643

DOI: 10.22004/ag.econ.13643

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