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Anti-Hoarding Laws: A Stock Condemnation Reconsidered

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  • Brian D. Wright
  • Jeffrey C. Williams

Abstract

Economists have regarded anti-hoarding laws as irrational reactions to nonexistent monopoly in the storage of grain. This paper shows that anti-hoarding laws cannot be rationally directed against a monopolistic storer, for he will always store less, not more, than would be stored under competition. But seemingly perverse competitive storage, in the form of excessive stockholding, can arise when a price ceiling distorts the market. Additional public storage exacerbates this perverse private behavior, and may even induce behavior that appears to be active market manipulation. Under such circumstances, anti-hoarding laws can be desirable second-best measures.

Suggested Citation

  • Brian D. Wright & Jeffrey C. Williams, 1984. "Anti-Hoarding Laws: A Stock Condemnation Reconsidered," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 66(4), pages 447-455.
    • Handle: RePEc:oup:ajagec:v:66:y:1984:i:4:p:447-455.
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    File URL: http://hdl.handle.net/10.2307/1240923
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    Cited by:

    1. Matthias Kalkuhl & Lukas Kornher & Marta Kozicka & Pierre Boulanger & Maximo Torero, 2013. "Conceptual framework on price volatility and its impact on food and nutrition security in the short term," FOODSECURE Working papers 15, LEI Wageningen UR.
    2. Myers, Robert J., 2013. "Evaluating the effectiveness of inter-regional trade and storage in Malawi’s private sector maize markets," Food Policy, Elsevier, vol. 41(C), pages 75-84.
    3. Kornher, Lukas & Kalkuhl, Matthias, 2013. "Food Price Volatility in Developing Countries and its Determinants," Quarterly Journal of International Agriculture, Humboldt-Universitaat zu Berlin, vol. 52(4), pages 1-32, November.
    4. Mitraille, Sébastien & Thille, Henry, 2014. "Speculative storage in imperfectly competitive markets," International Journal of Industrial Organization, Elsevier, vol. 35(C), pages 44-59.

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