The Collapse of the Australian Wool Reserve Price Scheme
分析了1991/92年澳大利亚羊毛储备价格计划崩溃的背景，运用最优控制和期权定价技术，揭示行业激励如何导致该政府支持的价格稳定计划失败。
This paper examines the background to the collapse of price stabilisation under the Australian Wool Reserve Price Scheme in 1991/2, and draws out implications for the feasibility of Government backed price stabilisation schemes. Optimal control techniques are applied to the problem of valuing stabilisation stockpiles. Option pricing techniques are used to elucidate the incentives facing the industry, and to explain why the industry adopted policies that drove the scheme to its collapse.