Price vs. revenue stabilization through a buffer stock: Which is more financially feasible for LDCs?
Abstract Optimal control theory is used to analyze the implications of the adoption of price and LDC export revenue stabilization objectives by an international buffer stock for cocoa. The results obtained for the period 1956–76 suggest that the stabilization of either price or revenue at systematic trend would reduce the instability of both variables from that during the sample period. Although the stabilization of revenues at systematic trend decreases their average level, the stabilization of price has the opposite effect. Because of this, it may be financially feasible for the LDCs to provide the necessary resources for a price-stabilizing buffer stock.
An analysis of International Bulfer Stocks for cocoa and copper through dynamic optimization
Abstract Optimal control theory is used to analyze buffer stock price stabilisation. Linear econometric models of the world cocoa and copper markets are estimated over the period 1956-75 and the simulated to determine the “systematic” price for each commodity—the price when stochastic sources of market variation are suppressed. Stabilization at this price reduces the instability of producer revenue and also increases total revenue for both commodities. However, the buffer stocks are expensive. Net costs over the period 1966-76 are estimated at $1.7 billion for cocoa and $0.9 billion for copper.
Modern Lexicography: An Introduction
Chapter 1: Dictionaries and the Dictionary Chapter 2: The Lexicographical Scene of English-Speaking Countries Chapter 3: The Historical Origins of the General-Purpose Dictionary Chapter 4: General-Purpose Dictionaries and Society Chapter 5: What are General-Purpose Dictionaries Really For? Chapter 6: The Linguistic Traditions ofr Lexicography Chapter 7: Whither Lexicography? Conclusion