Optimal Storage by Crop Producers
نویسندگان
چکیده
When post-harvest marketing strategies are restricted by disallowing speculative purchases, sales out of storage becomes an irreversible decision and the dynamic marketing problem becomes analogous to the optimal exercise of a nancial option. The optimal marketing strategy is to hold at low prices and to sell at high prices with a cutoo price function marking the boundary between low and high prices. A method for estimating the cutoo price function is developed and applied to Illinois soybean prices. The decision rule is demonstrated to result in substantial gains from storage.
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