Dynamic structural agricultural price stabilization policy models for producers

Taeho Lee

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: In this thesis, using dynamic models, we have criticized conventional static price stabilization models. Since dynamic intertemporal resource allocation instruments such as physical storage and financial assets are most powerful means for producers to stabilize their price or income, we cannot understand producers' behavior against instability without these instruments;First, we criticize the Waugh-Oi-Massel model by introducing dynamics in the model;Second, we emphasize the importance of economic instruments such as physical storage or futures market in a supply response model. Using storage instead of futures market, we investigate the possibility of extending the separation result to commodities which are not traded in the futures market;Third, using the separation result, we estimate U.S. rice supply response curve and some other structural parameters which determine rice producers' behavior.

Date: 1994-01-01
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