OPTIMAL BUFFER STOCK POLICIES FOR WHEAT AT THE WORLD LEVEL

John Kennedy

Australian Journal of Agricultural Economics, 1979, vol. 23, issue 3, 13

Abstract: Alternative wheat storage policies which maximise the expected present value of returns for consumers, producers, a monopoly storage agency and society as a whole are derived using a dynamic programming model. Results are compared with those from an earlier simulation model, and are found to justify higher investment in storage capacity compared with that suggested by the simulation model. The model is extended to derive optimal storage policies if production follows a stochastic cobweb process.

Keywords: Agricultural; and; Food; Policy (search for similar items in EconPapers)
Date: 1979
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:ajaeau:22972

DOI: 10.22004/ag.econ.22972

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