Optimal Stochastic Control of U.S. Wheat Stocks and Exports
构建随机动态规划模型，结合计量经济模型估计美国小麦储备政策的最优策略，发现生产者受益，国内外消费者受损，且超过20亿蒲式耳的储备容量难以从经济上证明合理。
Abstract A stochastic dynamic programming model was developed to estimate optimal strategies for U.S. wheat reserves policy using the results of an econometric model which reflects the complex dynamics of supply response. Empirical results indicated that U.S. producers are the beneficiaries of a wheat storage program, while domestic and foreign consumers are relatively small and large losers, respectively. Another result is that wheat storage capacity in excess of 2 billion bushels is difficult to justify economically.