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A Method For Evaluating Supply Response To Price Underwriting

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Author Info

  • Fraser, Rob W.

Abstract

In this paper a method for evaluating the supply response of individual producers to a price underwriting scheme is presented. The method includes precise formulae to take account of the impact of price underwriting on the producer's uncertain conditions. The Australian Wheat Board's guaranteed minimum price scheme is taken as a specific example of price underwriting in practice. Results show the scheme to lead to only relatively small supply responses. The impact on producer behaviour of an increase in price uncertainty in the presence of an underwriting scheme is also demonstrated in the paper.

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File URL: http://purl.umn.edu/22921
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Bibliographic Info

Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural Economics.

Volume (Year): 32 (1988)
Issue (Month): 01 (April)
Pages:

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Handle: RePEc:ags:ajaeau:22921

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Related research

Keywords: Demand and Price Analysis; Risk and Uncertainty;

References

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  1. Meyer, Jack & Ormiston, Michael B., 1983. "The comparative statics of cumulative distribution function changes for the class of risk averse agents," Journal of Economic Theory, Elsevier, vol. 31(1), pages 153-169, October.
  2. Kym Anderson & Rod Tyers, 1986. "Agricultural Policies of Industrial Countries and their Effects on Traditional Food Exporters," School of Economics Working Papers 1986-04, University of Adelaide, School of Economics.
  3. Bond, Gary E. & Wonder, Bernard, 1980. "Risk Attitudes Amongst Australian Farmers," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(01), April.
  4. Gallagher, Paul, 1978. "The Effectiveness Of Price Support Policy-Some Evidence For U.S. Corn Acreage Response," Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, issue 4.
  5. John C. Quiggin, 1983. "Underwriting Agricultural Commodity Prices," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 27(3), pages 200-211, December.
  6. Gilbert, Christopher L, 1985. "Futures Trading and the Welfare Evaluation of Commodity Price Stabilisation," Economic Journal, Royal Economic Society, vol. 95(379), pages 637-61, September.
  7. Fraser, Rob W., 1986. "Supply Responses, Risk Aversion And Covariances In Agriculture," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 30(02-03).
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Citations

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Cited by:
  1. Fraser, Rob W., 1992. "An Analysis Of Willingness-To-Pay For Crop Insurance," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 36(01), April.
  2. John C. Quiggin, 1991. "Contradictory Predictions On Supply Response Under Stabilization: A Reconciliation," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 35(3), pages 285-294, December.
  3. Fraser, Rob W., 1997. "Seasonal variability and a farmer's supply response to protein permiums and discounts," 1997 Conference (41st), January 22-24, 1997, Gold Coast, Australia 135756, Australian Agricultural and Resource Economics Society.
  4. Fraser, Rob W., 1997. "Seasonal variability, land values and willingness-to-pay for a forward wheat contract with protein premiums and discounts," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 41(2), June.
  5. Fraser, Rob W., 1998. "Lease allocation systems, risk aversion and the resource rent tax," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 42(2), June.
  6. Claire Chambolle & Sylvaine Poret, 2013. "When fairtrade contracts for some are profitable for others," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 40(5), pages 835-871, December.
  7. Sarris, Alexander, 2002. "The demand for commodity insurance by developing country agricultural producers - theory and an application to cocoa in Ghana," Policy Research Working Paper Series 2887, The World Bank.
  8. Fraser, R., 2002. "An evaluation of the relative performance of alternatively structured resource rent taxes," Resources Policy, Elsevier, vol. 28(1-2), pages 1-6.
  9. Fraser, Rob W., 1999. "An analysis of the Western Australian gold royalty," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 43(1), March.
  10. Claire Chambolle & Sylvaine Poret, 2009. "Fair Trade Contracts for Some, an Insurance for Others," Working Papers hal-00367500, HAL.
  11. Fraser, Rob W., 1993. "Welfare Effects of and Supply Responses to Recent Australian Agricultural Policy Changes," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 61(01), April.

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