Incomplete Markets and Government Agriculture Policy
研究存在生产风险和不完全或有债权市场的经济中，几种典型农业政策（如目标价格/差额补贴、生产控制、土地休耕）的福利效应，发现联合政策常能提高福利，但单独的生产控制或土地休耕往往降低福利。
Abstract This paper investigates the welfare effects of several stereotypical agricultural policies in an economy with production risk and incomplete contingent claim markets. The policies analyzed include target price/deficiency payment programs (the Brannan Plan), production controls (the Cochrane Plan), and land set‐asides. When there is no trading in contingent claims and when economic parameters take on values characteristic of staple food markets, the paper finds that a joint Brannan Plan—production control program is often welfare increasing. However, production controls on their own tend to be welfare decreasing. In addition, land set‐asides are generally welfare reducing, even in the presence of a Brannan plan. These results are derived analytically in a simple equilibrium model. They are illustrated with a numerical example which demonstrates that welfare benefits from typical agricultural policy interventions can be large.