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Measurement of Consumer Gains from Market Stabilization

Author

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  • Brian D. Wright
  • Jeffrey C. Williams

Abstract

For most cases of practical significance in which partial equilibrium analysis is appropriate, there is little difference between exact measures of consumer gains from market stabilization and approximations such as expected change in marshallian or hicksian consumer surplus. Careful specification of the nature of stabilization is more crucial than the choice of welfare measure. It is important to represent correctly the demand curvature and supply response and to determine whether general equilibrium responses can be ignored. In any event, an improved analytical approximation and a simple numerical method for calculating the exact measures make it unnecessary to rely on suspect measures.

Suggested Citation

  • Brian D. Wright & Jeffrey C. Williams, 1988. "Measurement of Consumer Gains from Market Stabilization," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 70(3), pages 616-627.
    • Handle: RePEc:oup:ajagec:v:70:y:1988:i:3:p:616-627.
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    File URL: http://hdl.handle.net/10.2307/1241500
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    Citations

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    Cited by:

    1. Christophe Gouel, 2012. "Agricultural Price Instability: A Survey Of Competing Explanations And Remedies," Journal of Economic Surveys, Wiley Blackwell, vol. 26(1), pages 129-156, February.
    2. Gouel, Christophe, 2013. "Optimal food price stabilisation policy," European Economic Review, Elsevier, vol. 57(C), pages 118-134.
    3. David S. Bullock & Philip Garcia & Kie‐Yup Shin, 2005. "Measuring producer welfare under output price uncertainty and risk non‐neutrality," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 49(1), pages 1-21, March.
    4. 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.
    5. Schmitz, Michael, 1997. "Cap and Food Security," 1997 Occasional Paper Series No. 7 198056, International Association of Agricultural Economists.
    6. Wright, Brian D., 1997. "Crop genetic resource policy: the role of ex situ genebanks," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 41(1), pages 1-35.
    7. Wright, Brian D., 1996. "Crop genetic resource policy: towards a research agenda," EPTD discussion papers 19, International Food Policy Research Institute (IFPRI).
    8. Robert T. Jensen, 2010. "Information, efficiency, and welfare in agricultural markets," Agricultural Economics, International Association of Agricultural Economists, vol. 41(s1), pages 203-216, November.
    9. Vincent H. Smith & Joseph W. Glauber, 2020. "Trade, policy, and food security," Agricultural Economics, International Association of Agricultural Economists, vol. 51(1), pages 159-171, January.
    10. L. Grega, 2002. "Price stabilization as a factor of competitiveness of agriculture," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 48(7), pages 281-284.
    11. Christophe Gouel, 2013. "Rules versus Discretion in Food Storage Policies," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 95(4), pages 1029-1044.
    12. Finkelshtain, Israel & Chalfant, James A., 1989. "On The Behavior Of The Competitive Producer Under Multivariate Risks," 1989 Quantifying Long Run Agricultural Risks and Evaluating Farmer Responses to Risk Meeting, April 9-12, 1989, Sanibel Island, Florida 271528, Regional Research Projects > S-232: Quantifying Long Run Agricultural Risks and Evaluating Farmer Responses to Risk.

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