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Endogenous Price Policies and International Wheat Prices

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  • Alexander H. Sarris
  • John Freebairn

Abstract

International prices are modeled as Cournot equilibrium interactions of national excess demand functions, which, in turn, are solutions of domestic welfare optimization problems. It is shown that interaction of national policies can lead to excess depression and instability of both international and domestic prices. The model is estimated for wheat and is used to show that, under free trade, average world prices would be much higher while price instability would be much lower. Furthermore, the European Economic Community policies alone contribute about 80% to these distortions.

Suggested Citation

  • Alexander H. Sarris & John Freebairn, 1983. "Endogenous Price Policies and International Wheat Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 65(2), pages 214-224.
    • Handle: RePEc:oup:ajagec:v:65:y:1983:i:2:p:214-224.
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    File URL: http://hdl.handle.net/10.2307/1240867
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