Supply response and efficiency gains from storage operations: A simulation analysis
研究了风险规避的生产者因价格稳定而增加产出时，缓冲库存稳定政策的效果，并通过谷物储存模拟证明考虑供给反应后的经济收益远超传统模型。
Summary The paper examines the effects of stabilization policies via buffer stocks when risk-averse producers respond to the increased price stability, and thus to the lowered production risks, by enhancing their output. The paper develops a theoretical framework for incorporating the supply response to the reduction in risk and for evaluating the resulting economic gains from stabilization policies. Simulation experiments with a model of a storable agricultural commodity (grains) demonstrate the economic distributional and other gains of storage operations when there is supply response, and show that these gains are then far greater than the gains previously envisaged by models that do not take this response into account.