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Welfare Implications of Grain Price Stabilization: Some Empirical Evidence for the United States

Author

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  • Panos A. Konandreas
  • Andrew Schmitz

Abstract

This empirical study demonstrates that, although United States producers and consumers taken together benefit from policies which would stabilize feed grain prices, this is likely not the case for wheat. The model specifies a U.S. domestic demand relationship for food and feed use, a stock relationship and a foreign demand sector; these are estimated by ordinary and two-stage least squares methods. The key to the analysis is in testing a well-known theoretical model in which the desirability of price stabilization largely depends on the source of instability (i.e., whether instability is generated abroad or is created internally).

Suggested Citation

  • Panos A. Konandreas & Andrew Schmitz, 1978. "Welfare Implications of Grain Price Stabilization: Some Empirical Evidence for the United States," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 60(1), pages 74-84.
    • Handle: RePEc:oup:ajagec:v:60:y:1978:i:1:p:74-84.
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    File URL: http://hdl.handle.net/10.2307/1240163
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    Citations

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    Cited by:

    1. Koo, Won W. & Burt, Oscar R., 1982. "U.S. Wheat Storage Control Under Joint Criteria Of Mean Benefits And Price Variation," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 7(1), pages 1-12, July.
    2. Gardiner, Walter H. & Dixit, Praveen M, 1987. "Price Elasticity of Export Demand: Concepts and Estimates," Foreign Agricultural Economic Report (FAER) 305286, United States Department of Agriculture, Economic Research Service.
    3. Bullock, David S. & Salhofer, Klaus, 2003. "Judging agricultural policies: a survey," Agricultural Economics, Blackwell, vol. 28(3), pages 225-243, May.
    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. Spitze, R.G.F., 1986. "Evaluating Costs Of Governmental Food And Agricultural Policies," Illinois Agricultural Economics Staff Paper 244654, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
    6. Coyle, Barry & Chambers, Robert G. & Schmitz, Andrew, 1986. "Economic Gains from Agricultural Trade: A Review and Bibliography," Miscellaneous Publications 319990, United States Department of Agriculture, Economic Research Service.
    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.
    8. John C. Quiggin & Jock R. Anderson, 1981. "Price Bands and Buffer Funds," The Economic Record, The Economic Society of Australia, vol. 57(1), pages 67-73, March.
    9. Jie Lyu & Xiaolei Li, 2019. "Effectiveness and Sustainability of Grain Price Support Policies in China," Sustainability, MDPI, vol. 11(9), pages 1-13, April.
    10. Wang, George C. & Hassler, James B., 1985. "Econometric Investigation Of The Dynamic Effects Of The 1983 Payment-In-Kind Program On The Wheat Economy," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 10(1), pages 1-9, July.
    11. Smyth, Donald Craig, 1985. "Economic impacts of the Farmer-Owned Reserve program on the U.S. corn-livestock sector," ISU General Staff Papers 1985010108000013104, Iowa State University, Department of Economics.
    12. Koo, Won W. & Burt, Oscar R., 1979. "Distribution of Social Benefits with Optimal Control of U.S. Wheat Stocks," 1979 Annual Meeting, July 29-August 1, Pullman, Washington 277825, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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