IDEAS home Printed from https://ideas.repec.org/a/ags/ajaeau/22890.html
   My bibliography  Save this article

An Adaptive Control Approach To Agricultural Policy

Author

Listed:
  • Freebairn, John W.
  • Rausser, Gordon C.

Abstract

It is postulated that some issues of economic policy in general, and of Australian agricultural policy in particular, may be analysed in the framework of an adaptive control model. Policy making is characterized as a rational, sequential decision-making process under conditions of imperfect knowledge in which forthcoming information may be used to learn about the uncertain terms as decision periods pass. Emphasis is given to the linear-quadratic control problem. The paper provides a review of the formulation of a policy problem in the framework of an adaptive control model and of derived policy strategies. An illustrative example is reported.

Suggested Citation

  • Freebairn, John W. & Rausser, Gordon C., 1974. "An Adaptive Control Approach To Agricultural Policy," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 18(3), pages 1-13, December.
    • Handle: RePEc:ags:ajaeau:22890
    DOI: 10.22004/ag.econ.22890
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/22890/files/18030208.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.22004/ag.econ.22890?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Rausser, Gordon C & Freebairn, John W, 1974. "Estimation of Policy Preference Functions: An Application to U.S. Beef Import Quotas," The Review of Economics and Statistics, MIT Press, vol. 56(4), pages 437-449, November.
    2. Dreze, Jacques H, 1972. "Econometrics and Decision Theory," Econometrica, Econometric Society, vol. 40(1), pages 1-17, January.
    3. Prescott, Edward C, 1972. "The Multi-Period Control Problem Under Uncertainty," Econometrica, Econometric Society, vol. 40(6), pages 1043-1058, November.
    4. Michael Athans, 1972. "The Discrete Time Linear-Quadratic-Gaussian Stochastic Control Problem," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 1, number 4, pages 449-491, National Bureau of Economic Research, Inc.
    5. Chow, Gregory C, 1973. "Effect of Uncertainty on Optimal Control Policies," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(3), pages 632-645, October.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Johnston, Jim H., 1984. "The Current State of Developments on Wheat Marketing Arrangements," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 52(02), pages 1-6, August.
    2. Zilberman, David, 1982. "The Use And Potential Of Optimal Control Models In Agricultural Economics," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 7(2), pages 1-12, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. David Kendrick, 1976. "Applications of Control Theory to Macroeconomics," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 5, number 2, pages 171-190, National Bureau of Economic Research, Inc.
    2. Kendrick, David A., 2005. "Stochastic control for economic models: past, present and the paths ahead," Journal of Economic Dynamics and Control, Elsevier, vol. 29(1-2), pages 3-30, January.
    3. Hinchy, Mike & Simmons, Phil, 1983. "An Optimal-Control Approach To Stabilising Australian Wool Prices," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 27(1), pages 1-29, April.
    4. Preston J. Miller & Arthur J. Rolnick, 1979. "The CBO's policy analysis: an unquestionable misuse of a questionable theory," Staff Report 49, Federal Reserve Bank of Minneapolis.
    5. Peter John Robinson & W.J.W. Botzen & F. Zhou, 2019. "An experimental study of charity hazard: The effect of risky and ambiguous government compensation on flood insurance demand," Working Papers 19-19, Utrecht School of Economics.
    6. Richard S. J. Tol & In Chang Hwang & Frédéric Reynès, 2012. "The Effect of Learning on Climate Policy under Fat-tailed Uncertainty," Working Paper Series 5312, Department of Economics, University of Sussex Business School.
    7. Martin Peitz & Sven Rady & Piers Trepper, 2017. "Experimentation in Two-Sided Markets," Journal of the European Economic Association, European Economic Association, vol. 15(1), pages 128-172.
    8. Liverpool-Tasie, Lenis Saweda O. & Winter-Nelson, Alex, 2009. "Poverty status and the impact of social networks on smallholder technology adoption in rural Ethiopia," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49357, Agricultural and Applied Economics Association.
    9. Wieland, Volker, 2000. "Monetary policy, parameter uncertainty and optimal learning," Journal of Monetary Economics, Elsevier, vol. 46(1), pages 199-228, August.
    10. Jiarui Han & Tze Lai & Viktor Spivakovsky, 2006. "Approximate Policy Optimization and Adaptive Control in Regression Models," Computational Economics, Springer;Society for Computational Economics, vol. 27(4), pages 433-452, June.
    11. Rausser, Gordon C. & de Gorter, Harry, 1988. "Endogenizing Policy In Models Of Agricultural Markets," 1988 Annual Meeting, August 1-3, Knoxville, Tennessee 270460, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    12. Becker, Tilman & Labson, B. Stephan, 1991. "Optimal Policy Instruments and Political Preference Functions: An Application to the U.S. Wheat Sector," 1991 Annual Meeting, August 4-7, Manhattan, Kansas 271212, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    13. Klaus Mittenzwei & David S. Bullock & Klaus Salhofer, 2012. "Towards a theory of policy timing," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 56(4), pages 583-596, October.
    14. R. G. Chambers & R. E. Just & L. J. Moffitt & A. Schmitz, 1981. "Estimating The Impact Of Beef Import Restrictions In The Us Import Market," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 25(2), pages 123-133, August.
    15. Lence, Sergio H. & Hayes, Dermot J. & McCunn, Alan & Smith, Stephen C. & Niebur, Bill, 2003. "Welfare Impacts of Property Rights in the Seed Industry," 2003 Annual meeting, July 27-30, Montreal, Canada 22187, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    16. Timothy G. Conley & Christopher R. Udry, 2010. "Learning about a New Technology: Pineapple in Ghana," American Economic Review, American Economic Association, vol. 100(1), pages 35-69, March.
    17. Millner, Antony & Ollivier, Hélène & Simon, Leo, 2014. "Policy experimentation, political competition, and heterogeneous beliefs," Journal of Public Economics, Elsevier, vol. 120(C), pages 84-96.
    18. Bernardo, Antonio & Chowdhry, Bhagwan, 1998. "Resources, real options, and corporate strategy," University of California at Los Angeles, Anderson Graduate School of Management qt2m96n2gw, Anderson Graduate School of Management, UCLA.
    19. Beghin, John C. & Karp, Larry S., 1988. "A Game Theoretic Model Of Agricultural And Food Price Policies In Senegal," 1988 Annual Meeting, August 1-3, Knoxville, Tennessee 270316, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    20. Levin, Andrew T. & Williams, John C., 2003. "Robust monetary policy with competing reference models," Journal of Monetary Economics, Elsevier, vol. 50(5), pages 945-975, July.

    More about this item

    Keywords

    Agricultural and Food Policy;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:ajaeau:22890. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/aaresea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.