Investigating Wheat Price with a Multi-Agent Model
Edmondo Di Giuseppe,
Piero Toscano and
Papers from arXiv.org
In this paper, we build a computational model for the analysis of international wheat spot price formation, its dynamics and the dynamics of internationally exchanged quantities. The model has been calibrated using FAOSTAT data to evaluate its in-sample predictive power. The model is able to generate wheat prices in twelve international markets and wheat used quantities in twenty-four world regions. The time span considered goes from 1992 to 2013. In our study, a particular attention was paid to the impact of Russian Federation's 2010 grain export ban on wheat price and internationally traded quantities. Among other results, we find that wheat average weighted world price in 2013 would have been 3.55\% lower than the observed one if the Russian Federation would not have imposed the export ban in 2010.
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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:1807.10537
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