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Storage and price stabilization

In: Handbook of Agricultural Economics

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  • Wright, Brian

Abstract

Commodity storage models, developed first within agricultural economics in the tradition of Gustafson (1958), are valuable in helping us understand how prices of storable commodity markets behave, and how they respond to policy interventions. They show that the policy-relevant dynamic effects of storage-increasing policies are quite different from comparative statics, and generally less favorable to consumers. They help us understand the implications of price controls, price supports, buffer stocks, speculative attack, and "convenience yield," and have great potential for assessing various econometric methodologies used for studying market efficiency and bias, and supply response. However, more attention should be paid to appropriate commodity market interventions in times of rapid productivity change, and in extremely depressed markets such as those of the 1930s, that influenced the course of agricultural policy in the United States over the next half-century.

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This chapter was published in:

  • B. L. Gardner & G. C. Rausser (ed.), 2001. "Handbook of Agricultural Economics," Handbook of Agricultural Economics, Elsevier, edition 1, volume 1, number 2, 00.
    This item is provided by Elsevier in its series Handbook of Agricultural Economics with number 2-14.

    Handle: RePEc:eee:hagchp:2-14

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    Web page: http://www.elsevier.com/wps/find/bookseriesdescription.cws_home/BS_HE/description

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    Cited by:
    1. Fabienne Féménia & Alexandre Gohin, 2010. "Faut-il une intervention publique pour stabiliser les marchés agricoles ? Revue des questions non résolues," Review of Agricultural and Environmental Studies - Revue d'Etudes en Agriculture et Environnement, INRA Department of Economics, vol. 91(4), pages 435-456.
    2. BOBTCHEFF Catherine, 2006. "Optimal Dynamic Management of a Renewable Energy Source under Uncertainty," LERNA Working Papers 06.21.214, LERNA, University of Toulouse.
    3. Christophe Gouel, 2013. "Comparing Numerical Methods for Solving the Competitive Storage Model," Computational Economics, Society for Computational Economics, vol. 41(2), pages 267-295, February.
    4. Eyal Dvir & Ken Rogoff, 2009. "The Three Epochs of Oil," Boston College Working Papers in Economics 706, Boston College Department of Economics.
    5. Hertel, Thomas W. & Reimer, Jeffrey J. & Valenzuela, Ernesto, 2005. "Incorporating commodity stockholding into a general equilibrium model of the global economy," Economic Modelling, Elsevier, vol. 22(4), pages 646-664, July.
    6. Eyal Dvir & Kenneth S. Rogoff, 2009. "Three Epochs of Oil," NBER Working Papers 14927, National Bureau of Economic Research, Inc.

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