A policy preference function for government intervention in the U.S. wheat market

This paper estimates a policy preference function that explains the government's choices of target prices, government held wheat stocks, and public wheat research funding. The policy preference function depends on producers' surplus, consumers' surplus, and budget expenditures. An imp...

Full description

Saved in:
Bibliographic Details
Published in:American journal of agricultural economics 1990-08, Vol.72 (3), p.631-640
Main Authors: Oehmke, J.F. (Michigan State University), Yao, X
Format: Article
Language:English
Subjects:
ADMINISTRACION
ADMINISTRATION
Agricultural market
Agricultural policy
agricultural research
Americas
ANALISIS ECONOMICO
ANALYSE ECONOMIQUE
BLE
Budget surpluses
COMERCIO
COMMERCE
Consumer surplus
DEPENSE
ECONOMETRIA
ECONOMETRIE
Elasticity of demand
ESTADOS UNIDOS DE AMERICA
ETATS-UNIS
EXCEDENT
EXCEDENTES
EXISTENCIAS REGULADORAS
Farm exports
GASTOS
Government budgets
GROUPE D'INTERET
GRUPOS DE INTERES
INVESTIGACION
Market prices
METHODE
METODOS
MODELE
MODELOS
policy preference function
POLITICA AGRICOLA
POLITIQUE AGRICOLE
PRECIO AL CONSUMIDOR
PRECIOS
PRIX
PRIX A LA CONSOMMATION
Producer surplus
RECHERCHE
REGLAMENTACIONES
REGLEMENTATION
STOCK REGULATEUR
Supply
Supply curves
TRIGO
U.S.A
Wheat
Citations: Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:This paper estimates a policy preference function that explains the government's choices of target prices, government held wheat stocks, and public wheat research funding. The policy preference function depends on producers' surplus, consumers' surplus, and budget expenditures. An important innovation in this paper is the inclusion of interactions between public research expenditures and other public policy variables. Results indicate that the government places a premium of 25% to 45% on the welfare of wheat producers of relative to budget expenditures, while wheat consumers' welfare is discounted as much as 50% relative to budget expenditures.
ISSN:0002-9092
1467-8276
DOI:10.2307/1243033