A Method For Evaluating Supply Response To Price Underwriting
In this paper a method for evaluating the supply response of individual producers to a price underwriting scheme is presented. The method includes precise formulae to take account of the impact of price underwriting on the producer's uncertain conditions. The Australian Wheat Board's guaranteed minimum price scheme is taken as a specific example of price underwriting in practice. Results show the scheme to lead to only relatively small supply responses. The impact on producer behaviour of an increase in price uncertainty in the presence of an underwriting scheme is also demonstrated in the paper.
Volume (Year): 32 (1988)
Issue (Month): 01 (April)
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- Fraser, Rob W., 1986. "Supply Responses, Risk Aversion And Covariances In Agriculture," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 30(02-03).
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- Gallagher, Paul, 1978. "The Effectiveness Of Price Support Policy-Some Evidence For U.S. Corn Acreage Response," Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, issue 4.
- Bond, Gary E. & Wonder, Bernard, 1980. "Risk Attitudes Amongst Australian Farmers," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(01), April.
- Meyer, Jack & Ormiston, Michael B., 1983. "The comparative statics of cumulative distribution function changes for the class of risk averse agents," Journal of Economic Theory, Elsevier, vol. 31(1), pages 153-169, October.
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