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Distinguishing between ‘Normal’ and ‘Extreme’ Price Volatility in Food Security Assessment

Author

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  • Huffaker, R.
  • Canavari, M.
  • Muñoz-Carpena, R.

Abstract

Volatile food prices are held to threaten food security worldwide, but controversy over how to distinguish between ‘normal’ and ‘extreme’ volatility compromises threat assessment and identification of countermeasures. Whether food-market dynamics normally stabilize or destabilize prices is the source of controversy. The conventional view is that market dynamics are inherently stable so that price volatility—arising from exogenous shocks—normally stabilizes due to forces of supply and demand. Extended food panics are improbable, reducing need for interventionist public policy. An emergent alternative view is that market dynamics are inherently unstable so that volatility persists endogenously. Interventionist public policy is needed to deal with chronic food panics.

Suggested Citation

  • Huffaker, R. & Canavari, M. & Muñoz-Carpena, R., 2016. "Distinguishing between ‘Normal’ and ‘Extreme’ Price Volatility in Food Security Assessment," 2016 International European Forum (151st EAAE Seminar), February 15-19, 2016, Innsbruck-Igls, Austria 244462, International European Forum on System Dynamics and Innovation in Food Networks.
    • Handle: RePEc:ags:iefi16:244462
    DOI: 10.22004/ag.econ.244462
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    Keywords

    Agribusiness; Demand and Price Analysis;

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