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Supply of Storage Theory and Commodity Equilibrium Prices with Stochastic Production

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  • Stanley R. Pliska

Abstract

When future production is a random variable, the equilibrium price for a commodity will be that which yields the maximum expected discounted utility of the consumption quantities and the supply of storage. The equilibrium consumption schedule is obtained with the dynamic programming techniques of inventory theory.

Suggested Citation

  • Stanley R. Pliska, 1973. "Supply of Storage Theory and Commodity Equilibrium Prices with Stochastic Production," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 55(4_Part_1), pages 653-658.
    • Handle: RePEc:oup:ajagec:v:55:y:1973:i:4_part_1:p:653-658.
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    File URL: http://hdl.handle.net/10.2307/1238354
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    Cited by:

    1. Choi, Jin Wook, 1982. "An analysis of price responses to public information: a case study of the USDA corn crop forecasts," ISU General Staff Papers 198201010800008030, Iowa State University, Department of Economics.

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