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A Policy Preference Function for Government Intervention in the U.S. Wheat Market

Author

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  • James F. Oehmke
  • Xianbin Yao

Abstract

This paper estimates a policy preference function that explains the government's choices of target prices, government held wheat stocks, and public wheat research funding. The policy preference function depends on producers' surplus, consumers' surplus, and budget expenditures. An important innovation in this paper is the inclusion of interactions between public research expenditures and other public policy variables. Results indicate that the government places a premium of 25% to 45% on the welfare of wheat producers of relative to budget expenditures, while wheat consumers' welfare is discounted as much as 50% relative to budget expenditures.

Suggested Citation

  • James F. Oehmke & Xianbin Yao, 1990. "A Policy Preference Function for Government Intervention in the U.S. Wheat Market," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 72(3), pages 631-640.
    • Handle: RePEc:oup:ajagec:v:72:y:1990:i:3:p:631-640.
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    File URL: http://hdl.handle.net/10.2307/1243033
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    Citations

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    Cited by:

    1. Weng, Weizhe & Cobourn, Kelly M. & Kemanian, Armen R. & Boyle, Kevin J. & Shi, Yuning & Stachelek, Joseph & White, Charles, 2020. "Quantifying Co-Benefits of Water Quality Policies: An Integrated Assessment Model of Nitrogen Management," 2020 Annual Meeting, July 26-28, Kansas City, Missouri 304667, Agricultural and Applied Economics Association.
    2. Cemal Atici, 2008. "Political Economy of Agricultural Policies and Environmental Weights," ICER Working Papers 25-2008, ICER - International Centre for Economic Research.
    3. Becker, Tilman & Labson, B. Stephan, 1991. "Optimal Policy Instruments and Political Preference Functions: An Application to the U.S. Wheat Sector," 1991 Annual Meeting, August 4-7, Manhattan, Kansas 271212, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    4. James S. Shortle & Andrew Laughland, 1994. "Impacts Of Taxes To Reduce Agrichemical Use When Farm Policy Is Endogenous," Journal of Agricultural Economics, Wiley Blackwell, vol. 45(1), pages 3-14, January.
    5. Jonathan Brooks, 1996. "Agricultural Policies In Oecd Countries: What Can We Learn From Political Economy Models?," Journal of Agricultural Economics, Wiley Blackwell, vol. 47(1‐4), pages 366-389, January.
    6. James F. Oehmke, 2017. "Re‐Examining the Reported Rates of Return to Food and Agricultural Research and Development: Comment," American Journal of Agricultural Economics, John Wiley & Sons, vol. 99(3), pages 818-826, April.
    7. von Cramon-Taubadel, Stephan, 1992. "A critical assessment of the political preference function approach in agricultural economics," Agricultural Economics, Blackwell, vol. 7(3-4), pages 371-394, October.
    8. Di Wang & Zhimin Wang & Yuying Xie, 2019. "How Large is the Border Effect between the United States and China?," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 9(7), pages 851-863, July.
    9. Coggins, Jay S., 1994. "Implementing Agricultural Policy Virtually: The Case of Set-Aside," Staff Papers 200579, University of Wisconsin-Madison, Department of Agricultural and Applied Economics.
    10. Atici, Cemal & Kennedy, P. Lynn, 2005. "Tradeoffs between income distribution and welfare: The case of Turkey's integration into the European Union," Journal of Policy Modeling, Elsevier, vol. 27(5), pages 553-563, July.

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