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Commodity Programs and Control Theory

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  • James W. Richardson
  • Daryll E. Ray

Abstract

The decision-making process for commodity programs in the United States is cast in terms of adaptive control theory, following the control framework outlined by Rausser. It is argued that the actual commodity program decision-making process can be viewed as a sequential multiperiod control problem and that multiple period, open-loop feedback control of a disaggregate policy simulation model can be used to assist agricultural policy makers. The empirical results present the first-round application of a suggested sequential use of control techniques and demonstrate the feasibility of applying control procedures to a multicommodity, agricultural policy simulator.

Suggested Citation

  • James W. Richardson & Daryll E. Ray, 1982. "Commodity Programs and Control Theory," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 64(1), pages 28-38.
    • Handle: RePEc:oup:ajagec:v:64:y:1982:i:1:p:28-38.
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    File URL: http://hdl.handle.net/10.2307/1241169
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    Cited by:

    1. 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.

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