U.S. WHEAT STORAGE CONTROL UNDER JOINT CRITERIA OF MEAN BENEFITS AND PRICE VARIATION
No hay miniatura disponible
Fecha
Autores
Título de la revista
ISSN de la revista
Título del volumen
Editor
Resumen
Descripción
A method based on stochastic dynamic programming is developed to derive efficiency frontiers for the trade-off between the long-run average social benefits and price variation. The method is used to quantify the importance of price variation per se as a criterion in U.S. wheat storage policy. The results suggest that a single criterion of maximum expected social benefits, calculated by the traditional surplus measures, is satisfactory because price variation is incidentally reduced enough that further reductions can be attained only a considerable opportunity cost.