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Household grain management under unc...

Park, Albert Francis.

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Household grain management under uncertainty in China's poor areas.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Household grain management under uncertainty in China's poor areas./
Author:	Park, Albert Francis.
Description:	145 p.
Notes:	Source: Dissertation Abstracts International, Volume: 57-02, Section: A, page: 7810.
Contained By:	Dissertation Abstracts International57-02A.
Subject:	Economics. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9620528

Household grain management under uncertainty in China's poor areas.
Park, Albert Francis.

Household grain management under uncertainty in China's poor areas. - 145 p.

Source: Dissertation Abstracts International, Volume: 57-02, Section: A, page: 7810.

Thesis (Ph.D.)--Stanford University, 1996.

Surveys conducted in 1992-1993 reveal that households in poor villages in mountainous northwest China hold 16 percent of their wealth in grain stocks and devote 70 percent of their land to grain cultivation despite grain's inferior return. This dissertation explains this behavior as a rational response to yield uncertainty, price uncertainty, and transaction costs in market exchange. It analyzes how a household's desire to smooth consumption affects its joint production, storage, and trade decisions and examines the welfare and policy implications of that behavior.Subjects--Topical Terms:

517137
Economics.

Household grain management under uncertainty in China's poor areas.
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100 1 $a Park, Albert Francis. $3 3187290
245 1 0 $a Household grain management under uncertainty in China's poor areas.
300 $a 145 p.
500 $a Source: Dissertation Abstracts International, Volume: 57-02, Section: A, page: 7810.
500 $a Adviser: Scott D. Rozelle.
502 $a Thesis (Ph.D.)--Stanford University, 1996.
520 $a Surveys conducted in 1992-1993 reveal that households in poor villages in mountainous northwest China hold 16 percent of their wealth in grain stocks and devote 70 percent of their land to grain cultivation despite grain's inferior return. This dissertation explains this behavior as a rational response to yield uncertainty, price uncertainty, and transaction costs in market exchange. It analyzes how a household's desire to smooth consumption affects its joint production, storage, and trade decisions and examines the welfare and policy implications of that behavior.
520 $a The household's optimization problem is formalized in a stochastic dynamic programming model parameterized to reflect the production and marketing environment in northwest China. The model incorporates internally consistent prices and stockholding behavior of the region's markets, distinguishes between regionwide and idiosyncratic risk affecting a household's production, and makes transaction costs explicit. Difficulties posed by the model's nonlinearity (due to non-negativity constraints for storage and other assets) and multidimensionality (3 states and 5 control variables) are overcome through an innovative numerical algorithm and Chebyshev polynomial approximation methods.
520 $a To balance its goals of maximizing income and hedging against consumption price risk, a household adopts strategies in which grain management decisions are nonlinear, interdependent functions of the market price and the household's own grain availability and wealth. Partial models of grain storage and production overlook the household's flexibility to use multiple mechanisms to effectively cope with risk. According to model simulations, the ability to store grain as a price hedge limits production inefficiency loss to less than two percent of income.
520 $a Simulations also assess how risk-coping strategies change with different assumptions about household preferences, the economic environment, and government policies. Market development especially benefits the poor, since they spend proportionally more on grain and, as consumers, appreciate lower price variability and yield-price correlation. The state procurement policy incurs large social costs, because it increases consumption risk exposure by taxing households more when regional yield shocks have left households short of grain. Relief sales accrue large social benefits because it provides a subsidy when it is most needed. Greater credit access is unlikely to substantially reduce grain storage or production, because grain would retain its attractive price-hedging properties.
590 $a School code: 0212.
650 4 $a Economics. $3 517137
650 4 $a Agricultural economics. $3 3172150
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710 2 $a Stanford University. $3 754827
773 0 $t Dissertation Abstracts International $g 57-02A.
790 $a 0212
791 $a Ph.D.
792 $a 1996
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9620528