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Determination of a Variable Price Support Schedule as Applied to Agricultural Production Control

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  • Huang, Wen-Yuan
  • Hyberg, Bengt
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    Abstract

    Adoption of variable price support (VPS) schedules could be effective in controlling agricultural production and targeting program benefits to specific farm groups. The design of a VPS program would require determination of price schedules for farm-level production decisions that satisfy both farmer and program objectives. We applied a primal-dual mathematical programming model to the determination of a VPS program for production control of US corn, wheat, and soybeans. We show that government program costs under the VPS program would decline to $15 billion from $26.8 billion under a comparably scaled mandatory production control program. The program benefits to a 120-acre farm would increase 80 percent to $18,000 from $10,000 while the benefits to a 2,500-acre farm would fall 82 percent to $40,000.

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    Bibliographic Info

    Article provided by United States Department of Agriculture, Economic Research Service in its journal Journal of Agricultural Economics Research.

    Volume (Year): (1991)
    Issue (Month): 3 ()
    Pages:

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    Handle: RePEc:ags:uersja:138238

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    Related research

    Keywords: supply; agricultural policy; commodity programs; income support; primal-dual programming; Production Economics;

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    1. Huang, Wen-Yuan & Hyberg, Bengt & Segarra, Eduardo, 1990. "A Variable Price Support Farm Program: A Transition Tool To A Free Market," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 22(01), July.
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