OPTIMAL BUFFER STOCK POLICIES FOR WHEAT AT THE WORLD LEVEL

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.


Issue Date:
1979-12
Publication Type:
Journal Article
PURL Identifier:
http://purl.umn.edu/22972
Published in:
Australian Journal of Agricultural Economics, Volume 23, Number 3
Page range:
163-175
Total Pages:
13




 Record created 2017-04-01, last modified 2017-04-04

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