Optimal Storage by Crop Producers
研究当不允许投机性购买时，农户的储存销售决策类似于金融期权的最优执行问题，提出了一个基于价格阈值的决策规则，并应用于伊利诺伊州大豆价格数据，证明该规则能带来显著的储存收益。
Abstract When post‐harvest marketing strategies are restricted by disallowing speculative purchases, sales out of storage becomes an irreversible decision and the dynamic marketing problem becomes analogous to the optimal exercise of a financial option. The optimal marketing strategy is to hold at low prices and to sell at high prices with a cutoff price function marking the boundary between low and high prices. A method for estimating the cut‐off price function is developed and applied to Illinois soybean prices. The decision rule is demonstrated to result in substantial gains from storage.