Rules versus Discretion in Food Storage Policies
在理性预期粮食储备模型中比较了自由裁量政策与两种简单规则（固定补贴和价格区间）的福利效果，发现价格区间政策能达到自由裁量政策四分之三的福利收益。
This article compares various policies in a rational expectations food storage model with risk‐averse consumers and missing insurance markets calibrated to represent a developing country. I consider an optimal storage policy under discretion and two optimal simple rules: a constant private storage subsidy and a price band. The storage subsidy achieves welfare gains similar to the discretionary policy. The price band maximizing social welfare is a price‐peg scheme: The floor and ceiling prices are the same, and the capacity constraint represents 11% of the steady‐state production level. This price band achieves three‐quarters of the gains from the optimal policy under discretion.