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Optimal Grain Carryovers in Open Economies: A Graphical Analysis

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  • Keith C. Knapp

Abstract

Optimal storage, trade, and borrowing policies for grain are analyzed graphically using dynamic programming. World prices and domestic harvests are assumed to be stochastic. Optimal carryovers are generally increasing in supply and decreasing in world prices, while net imports are decreasing in both supply and world prices. Optimal levels of carryovers and net imports are influenced by the opportunity to borrow and save foreign exchange. It is shown that grain reserves and foreign exchange borrowing/saving are alternative inventory systems which both complement and substitute for one another.

Suggested Citation

  • Keith C. Knapp, 1982. "Optimal Grain Carryovers in Open Economies: A Graphical Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 64(2), pages 197-204.
    • Handle: RePEc:oup:ajagec:v:64:y:1982:i:2:p:197-204.
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    File URL: http://hdl.handle.net/10.2307/1241123
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    Cited by:

    1. Pinckney, Thomas C., 1988. "Storage, trade, and price policy under production instability: maize in Kenya," Research reports 71, International Food Policy Research Institute (IFPRI).

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