Risk sensitive stabilization policies in commodity markets. A simulation study
By assuming the agents to be risk averse in commodity markets, stabilization policies are analysed here in respect of risk sensitivity. The commodity model used allows supply uncertainty through random shocks and the policy maker's objective function incorporates asymmetry through non-linear specifications. An empirical model of world cocoa is econometrically estimated and then used for illustrative purposes to simulate the time profile of cocoa prices under various specifications of stabilization policy. © 1994.
Risk sensitive stabilization policies in commodity markets. A simulation study.
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