Four Approaches to Commodity Market Stabilization: A Comparative Analysis
用理性预期模型和模拟比较了四种大豆价格稳定方案的效果，发现补贴私人储存最有效稳定市场价格，而直接支付方案最有效稳定农场价格但会破坏准租金。
Abstract The effects of four alternative price stabilization programs for soybeans are compared using a rational expectations model and simulation. For a given government expenditure, subsidized private storage is the most efficient way to stabilize market price. For a given deadweight loss, a program of direct payments is the most efficient stabilizer of the effective farm price; this program does not stabilize market price. All four programs, including a buffer stock program and one involving both direct payments and buffer stocks, tend to destabilize quasi‐rent. Programs that involve an initial build‐up of stocks increase producer benefits and hurt consumers.