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Welfare Implications of Stabilizing Consumption and Production

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  • Abraham Subotnik
  • James P. Houck

Abstract

Some economists are now urging the use of buffer stocks to help stabilize farm and food prices. Moreover, price stabilization has been shown to be socially beneficial from a theoretical point of view. Our purpose is to analyze the welfare implications of stabilized consumption and production and to compare them with the known implications of stabilized prices. It is shown that stabilized consumption is the least beneficial in its welfare implications. The relation between the gains from stabilization and the size of buffer stocks necessary to achieve stabilization also is analyzed. Finally, the presentation is extended to cover instability due to fluctuations in export demand.

Suggested Citation

  • Abraham Subotnik & James P. Houck, 1976. "Welfare Implications of Stabilizing Consumption and Production," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 58(1), pages 13-20.
    • Handle: RePEc:oup:ajagec:v:58:y:1976:i:1:p:13-20.
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    File URL: http://hdl.handle.net/10.2307/1238572
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    Cited by:

    1. Sporleder, T. L. & Phillips, M. J., 1993. "Implications of Structural Change and Emerging Technology for Public Policy Based on Orderly Marketing Concepts," Food and Agricultural Marketing Issues for the 21st Century - FAMC 1993 Conference 265927, Food and Agricultural Marketing Consortium (FAMC).
    2. Van Kooten, G. C. & Spriggs, John & Schmitz, Andrew, 1989. "The Impact of Canadian Commodity Stabilization Programs on Risk Reduction and the Supply of Agricultural Commodities," Working Papers 244037, Agriculture and Agri-Food Canada.
    3. Taylor, C. Robert & Lacewell, Ronald D., 1977. "Boll Weevil Control Strategies: Regional Benefits And Costs," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 9(1), pages 1-7, July.

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