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Rules versus discretion in food storage policies

Listed author(s):
  • Christophe Gouel


    (ECO-PUB - Economie Publique - Institut national de la recherche agronomique (INRA) - AgroParisTech)

This article compares different policies in a rational expectations storage model with risk-averse consumers and missing insurance markets calibrated to represent a developing country. We consider an optimal storage policy under discretion and two optimal simple rules, a constant private storage subsidy and a price-band. The storage subsidy achieves welfare gains similar to the discretionary policy. The price-band maximizing social welfare is a price-peg scheme: the floor and ceiling prices are the same, and the capacity constraint represents 11% of the steady-state production level. It achieves three-quarters of the gains from the optimal policy under discretion.

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Paper provided by HAL in its series Post-Print with number hal-00939613.

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Date of creation: 2013
Publication status: Published in American Journal of Agricultural Economics, Oxford University Press (OUP), 2013, 95 (4), pp.1029-1044. <10.1093/ajae/aat016>
Handle: RePEc:hal:journl:hal-00939613
DOI: 10.1093/ajae/aat016
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