An Optimal Control Framework For Inter - Regional Dairy Policy Analysis
An eleven-region stochastic coefficient econometric model was estimated and used in an optimal control framework to evaluate the effectiveness of the dairy price support program and marketing orders in reducing and stabilizing government purchases of dairy products. The results showed significant pressure on the reduction of the support price both in the presence and absence of Class I differentials. The optimal control model also showed that the drop in price support levels did not dramatically alter the regional distribution of milk production.
Volume (Year): 24 (1992)
Issue (Month): 02 (December)
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- P.A.V.B. Swamy & P.A. Tinsley, 1976.
"Linear prediction and estimation methods for regression models with stationary stochastic coefficients,"
Special Studies Papers
78, Board of Governors of the Federal Reserve System (U.S.).
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