U.S. WHEAT STORAGE CONTROL UNDER JOINT CRITERIA OF MEAN BENEFITS AND PRICE VARIATION

Won W. Koo and Oscar R. Burt

Western Journal of Agricultural Economics, 1982, vol. 07, issue 01, 12

Abstract: A method based on stochastic dynamic programming is developed to derive efficiency frontiers for the trade-off between the long-run average social benefits and price variation. The method is used to quantify the importance of price variation per se as a criterion in U.S. wheat storage policy. The results suggest that a single criterion of maximum expected social benefits, calculated by the traditional surplus measures, is satisfactory because price variation is incidentally reduced enough that further reductions can be attained only a considerable opportunity cost.

Keywords: Crop; Production/Industries (search for similar items in EconPapers)
Date: 1982
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://ageconsearch.umn.edu/record/32413/files/07010111.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ags:wjagec:32413

DOI: 10.22004/ag.econ.32413

Access Statistics for this article

More articles in Western Journal of Agricultural Economics from Western Agricultural Economics Association Contact information at EDIRC.
Bibliographic data for series maintained by AgEcon Search ().