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Optimal Stochastic Control of U.S. Wheat Stocks and Exports

Author

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  • Oscar R. Burt
  • Won W. Koo
  • Norman J. Dudley

Abstract

A stochastic dynamic programming model was developed to estimate optimal strategies for U.S. wheat reserves policy using the results of an econometric model which reflects the complex dynamics of supply response. Empirical results indicated that U.S. producers are the beneficiaries of a wheat storage program, while domestic and foreign consumers are relatively small and large losers, respectively. Another result is that wheat storage capacity in excess of 2 billion bushels is difficult to justify economically.

Suggested Citation

  • Oscar R. Burt & Won W. Koo & Norman J. Dudley, 1980. "Optimal Stochastic Control of U.S. Wheat Stocks and Exports," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 62(2), pages 172-187.
    • Handle: RePEc:oup:ajagec:v:62:y:1980:i:2:p:172-187.
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    File URL: http://hdl.handle.net/10.2307/1239683
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    Citations

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    Cited by:

    1. Bernard Michael Gilroy, 1991. "Schweizerische Pflichtlagerhaltung und ihre Finanzierung," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 127(III), pages 431-443, September.
    2. Sarris, Alexander, 1982. "Export Taxes Versus Buffer Stocks as Optial Export Policies Under Uncertainty," CUDARE Working Papers 198218, University of California, Berkeley, Department of Agricultural and Resource Economics.
    3. 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.
    4. 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.
    5. Pinckney, Thomas C., 1988. "Storage, trade, and price policy under production instability: maize in Kenya," Research reports 71, International Food Policy Research Institute (IFPRI).
    6. Burt, Oscar R. & Worthington, Virginia E., 1988. "Wheat Acreage Supply Response In The United States," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 13(1), pages 1-12, July.
    7. Burt, Oscar R., 1982. "Dynamic Programming: Has Its Day Arrived?," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 7(2), pages 1-14, December.
    8. Stennek, Johan, 1999. "The expected consumer's surplus as a welfare measure," Journal of Public Economics, Elsevier, vol. 73(2), pages 265-288, August.
    9. 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.
    10. Hill, Lowell & Lazarus, Sheryl & Wiboonspongse, Aree, 1982. "Risk And Uncertainty In World Grain Markets," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 21(2), October.

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