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The Distribution of Welfare Gains from International Price Stabilization under Distortions

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  • Richard E. Just
  • Ernst Lutz
  • Andrew Schmitz
  • Stephen Tumovsky

Abstract

In a two-country model with distortions and general demand and supply functions, the welfare implications of international price stabilization are analyzed. The degree of nonlinearity of the excess demand function in the free trade exporting country as well as the distortions are found to be of crucial importance in determining who gains from stabilization. With a high degree of nonlinearity, producers in both countries as well as the exporting country as a whole lose from stabilization, whereas consumers in both countries and the importing country gain. This is contrary to previous results with linearity.

Suggested Citation

  • Richard E. Just & Ernst Lutz & Andrew Schmitz & Stephen Tumovsky, 1977. "The Distribution of Welfare Gains from International Price Stabilization under Distortions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 59(4), pages 652-661.
    • Handle: RePEc:oup:ajagec:v:59:y:1977:i:4:p:652-661.
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    File URL: http://hdl.handle.net/10.2307/1239392
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    1. repec:dau:papers:123456789/5365 is not listed on IDEAS
    2. Corinne Chaton & Anna Creti & Bertrand Villeneuve, 2005. "The Economics of Seasonal Gas Storage," Working Papers 2005-52, Center for Research in Economics and Statistics.
    3. Chaton, Corinne & Creti, Anna & Villeneuve, Bertrand, 2008. "Some economics of seasonal gas storage," Energy Policy, Elsevier, vol. 36(11), pages 4235-4246, November.
    4. Mahama, Ramatu, 1985. "A stochastic simulation of the impact of price insulation policies on world wheat market stability," ISU General Staff Papers 198501010800008868, Iowa State University, Department of Economics.
    5. Martin, Marshall A. & Edelman, Mark A., 1981. "Less U.S. Government Intervention in Corn and Soybean Markets: An Analysis of Program Alternatives," 1981 Annual Meeting, July 26-29, Clemson, South Carolina 279396, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    6. Bishop, Phillip M. & Pratt, James E. & Novakovic, Andrew M., 1993. "Analyzing the Impacts of the Proposed North American Free Trade Agreement on European-North American Dairy Trade Using a Joint-Input, Multi-Product Approach," Staff Papers 121341, Cornell University, Department of Applied Economics and Management.
    7. David S. Bullock & Klaus Salhofer & Jukka Kola, 1999. "The Normative Analysis of Agricultural Policy: A General Framework and Review," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(3), pages 512-535, September.

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