A Dynamic Welfare Analysis of Price Stabilization Policies in the Korean Rice Market

Price stabilization policies in the Korean rice market have been examined within a partial adjustment dynamic framework, investigating feasible policy alternatives. A price band buffer stock program (PBBP), PBBP with consumption subsidy and a deficiency payments program where the target prices are set below the expected equilibrium prices are compared based on the stated multiple policy goals, i.e., producers and consumers simultaneous supports, and price stabilization, and on the economic efficiency criteria. Welfare measurement methods are developed in a short-run and longer-run context. The welfare impacts become smaller if the longer-run measure is used because the longer-run measure takes into account the adjustment costs which come from factor fixity in supply and habit formation in demand.

Name thesis:degree_name

Ph.D.

Level thesis:degree_level

Dissertation

Discipline thesis:degree_discipline

Agricultural Economics

Grantor

University of Illinois at Urbana-Champaign

Year dc:date

2014

Author dc:creator

• Lee, Yong-Kee

Contributors dc:contributor

• Garcia, Philip

• Economics, Agricultural
• Political Science, Public Administration

Identifier

(UMI)AAI9314901

OAI identifier oai:identifier

oai:www.ideals.illinois.edu:2142/72176