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OPTIMAL BUFFER STOCK POLICIES FOR WHEAT AT THE WORLD LEVEL

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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Australian Journal of Agricultural Resource Economics Wiley

OPTIMAL BUFFER STOCK POLICIES FOR WHEAT AT THE WORLD LEVEL

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Publisher
Wiley
Copyright
Copyright © 1979 Wiley Subscription Services, Inc., A Wiley Company
ISSN
1364-985X
eISSN
1467-8489
DOI
10.1111/j.1467-8489.1979.tb00241.x
Publisher site
See Article on Publisher Site

Abstract

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.

Journal

The Australian Journal of Agricultural Resource EconomicsWiley

Published: Dec 1, 1979

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