Commodity Programs and Control Theory

James Richardson () and Daryll E. Ray

American Journal of Agricultural Economics, 1982, vol. 64, issue 1, 28-38

Abstract: The decision-making process for commodity programs in the United States is cast in terms of adaptive control theory, following the control framework outlined by Rausser. It is argued that the actual commodity program decision-making process can be viewed as a sequential multiperiod control problem and that multiple period, open-loop feedback control of a disaggregate policy simulation model can be used to assist agricultural policy makers. The empirical results present the first-round application of a suggested sequential use of control techniques and demonstrate the feasibility of applying control procedures to a multicommodity, agricultural policy simulator.

Date: 1982
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:64:y:1982:i:1:p:28-38.

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