IDEAS home Printed from https://ideas.repec.org/a/oup/ajagec/v62y1980i2p172-187..html
   My bibliography  Save this article

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

Author

Listed:
  • 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.
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.2307/1239683
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.
    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. 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.
    4. Stennek, Johan, 1999. "The expected consumer's surplus as a welfare measure," Journal of Public Economics, Elsevier, vol. 73(2), pages 265-288, August.
    5. 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.
    6. 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.
    7. Pinckney, Thomas C., 1988. "Storage, trade, and price policy under production instability: maize in Kenya," Research reports 71, International Food Policy Research Institute (IFPRI).
    8. 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.
    9. 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.
    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.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:ajagec:v:62:y:1980:i:2:p:172-187.. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Oxford University Press (email available below). General contact details of provider: https://edirc.repec.org/data/aaeaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.