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World Price Uncertainty and Agricultural Policy Formulation under Rational Expectations

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  • Chauveau, Jean-Marie
  • Gordon, Kathryn M

Abstract

This paper presents a model of how different farm support mechanisms affect world price uncertainty. This issue is addressed within the framework of a rational expectations trade model for a storable commodity market. Here, absorption of physical production shocks are tracked separately and are found to be quite different. This model leads to the conclusion that the alleged variance-reducing impact of the free trade regime, while plausible, is a special case of a more general model in which the impact is ambiguous. Copyright 1988 by Oxford University Press.

Suggested Citation

  • Chauveau, Jean-Marie & Gordon, Kathryn M, 1988. "World Price Uncertainty and Agricultural Policy Formulation under Rational Expectations," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 15(4), pages 437-456.
    • Handle: RePEc:oup:erevae:v:15:y:1988:i:4:p:437-56
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    Cited by:

    1. Carl GAIGNÉ & Cathie LAROCHE DUPRAZ & Alan MATTHEWS, 2015. "Thirty years of European research on international trade in food and agricultural products," Review of Agricultural and Environmental Studies - Revue d'Etudes en Agriculture et Environnement, INRA Department of Economics, vol. 96(1), pages 91-130.

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