An Optimal Control Framework For Inter - Regional Dairy Policy Analysis
AbstractAn eleven-region stochastic coefficient econometric model was estimated and used in an optimal control framework to evaluate the effectiveness of the dairy price support program and marketing orders in reducing and stabilizing government purchases of dairy products. The results showed significant pressure on the reduction of the support price both in the presence and absence of Class I differentials. The optimal control model also showed that the drop in price support levels did not dramatically alter the regional distribution of milk production.
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Bibliographic InfoArticle provided by Southern Agricultural Economics Association in its journal Southern Journal of Agricultural Economics.
Volume (Year): 24 (1992)
Issue (Month): 02 (December)
Agricultural and Food Policy;
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- Swamy, P. A. V. B. & Tinsley, P. A., 1980.
"Linear prediction and estimation methods for regression models with stationary stochastic coefficients,"
Journal of Econometrics,
Elsevier, vol. 12(2), pages 103-142, February.
- P.A.V.B. Swamy & P.A. Tinsley, 1976. "Linear prediction and estimation methods for regression models with stationary stochastic coefficients," Special Studies Papers 78, Board of Governors of the Federal Reserve System (U.S.).
- Chang, Ching-Cheng & Stefanou, Spiro E., 1987. "Supply Growth And Dairy Industry Deregulation," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 16(1), April.
- Kendrick, David, 1982. "Caution and probing in a macroeconomic model," Journal of Economic Dynamics and Control, Elsevier, vol. 4(1), pages 149-170, November.
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