The Theory of Commodity Price Stabilization: A Study in the Economics of RiskClarendon Press, 1981 - Počet stran: 462 Fundamentals: supply and demand under risk; Market equilibrium; Price stabilization with no supply response; Supply responses to stabilization; Microeconomic repercussions; Economic considerations. |
Obsah
THE MAIN ISSUES | 12 |
SUMMARY OF FINDINGS | 23 |
STATEMENT OF THE PROBLEM | 47 |
Autorská práva | |
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agricultural allocation analysis approximation assume assumption autarky benefits of price cent certainty equivalent price Chapter coefficient of variation commodity price stabilization competitive concave constant elasticity consumers consumption correlated countries demand schedule depends economy efficiency elasticity of demand equation estimate expected utility expected utility hypothesis export farmers fluctuations free trade futures market futures price hence impact important income risk income variability increase indifference curve indirect utility function individual inputs log-normally distributed long-run marginal utility market equilibrium optimal output Pareto efficient Pareto optimum price distribution price instability price stabilization programme price stabilization scheme price variability producers profits rational expectations reduce relative risk aversion revenue risk benefit risk markets risk neutral risky crop short-run stock rule storage costs supply response supply risk symmetric equilibrium Taylor series tion variance wage welfare zero