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Commodity price stabilization models: A review and appraisal

Authors
Journal
Journal of Policy Modeling
0161-8938
Publisher
Elsevier
Publication Date
Volume
2
Issue
1
Identifiers
DOI: 10.1016/0161-8938(80)90021-6
Disciplines
  • Design

Abstract

Abstract This paper is designed to bring into focus the numerous modeling attempts to analyze commodity price stabilization that have recently appeared. The studies examined begin with the Waugh-Oi-Massell framework and advance to econometric commodity modeling. Such a critique is considered necessary: None of the studies examined has overcome the myriad of problems that analysts have pointed out as essential for assessing the welfare outcomes of price stabilization schemes. As a consequence, stabilization analyses for similar commodities have produced conflicting results regarding predicted welfare outcome. The present appraisal attempts to provide a unity of direction to this work by (1) comparing recieved studies of a theoretical, empirical, and econometric modeling nature, and (2) suggesting possibilities for improving modeling analyses.

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