Optimal Stochastic Control of U.S. Wheat Stocks and Exports

Oscar R. Burt, Won W. Koo and Norman J. Dudley

American Journal of Agricultural Economics, 1980, vol. 62, issue 2, 172-187

Abstract: A stochastic dynamic programming model was developed to estimate optimal strategies for U.S. wheat reserves policy using the results of an econometric model which reflects the complex dynamics of supply response. Empirical results indicated that U.S. producers are the beneficiaries of a wheat storage program, while domestic and foreign consumers are relatively small and large losers, respectively. Another result is that wheat storage capacity in excess of 2 billion bushels is difficult to justify economically.

Date: 1980
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