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An Adaptive Control Approach To Agricultural Policy

Author

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  • 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
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    References listed on IDEAS

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    1. 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.
    2. Dreze, Jacques H, 1972. "Econometrics and Decision Theory," Econometrica, Econometric Society, vol. 40(1), pages 1-17, January.
    3. 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.
    4. Prescott, Edward C, 1972. "The Multi-Period Control Problem Under Uncertainty," Econometrica, Econometric Society, vol. 40(6), pages 1043-1058, November.
    5. 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.
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    Cited by:

    1. 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.
    2. 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.

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