| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP481 |
| DP481 Market Solutions to the Problem of Stabilising Commodity Earnings | |
| Andrew Hughes Hallett; Prathap Ramanujam | |
| 发表日期 | 1990-11-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | This paper examines and compares the effectiveness of hedging and buffer-stock strategies for stabilizing the revenues of individual producers who face different supply conditions in a market with uncertainty about prices and output. The results are obtained in a model-free framework, with arbitrary probability distributions and potentially inefficient markets. This approach avoids any dependence on particular parameter estimates, specific distributional assumptions, or restrictive assumptions about the market structure and information patterns, The analysis examines how far storage and transaction costs limit our ability to stabilize commodity earnings, to what extent the stabilization strategy followed by one producer would conflict with the strategies chosen by other producers in the same market, and whether those conflicts could destabilize the revenues of some producers. The results are illustrated with data from five primary commodity markets. |
| 主题 | International Trade and Regional Economics |
| 关键词 | Buffer stocks Commodity prices Hedging Stabilization |
| URL | https://cepr.org/publications/dp481 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529636 |
| 推荐引用方式 GB/T 7714 | Andrew Hughes Hallett,Prathap Ramanujam. DP481 Market Solutions to the Problem of Stabilising Commodity Earnings. 1990. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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