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| Moss, Joan E.; Binfield, Julian C.R.; Zhang, Lichun; Patton, Myles; Kim, In Seck. |
| Successive Common Agricultural Policy (CAP) reforms and trade liberalisation have led to a more market-orientated European agricultural sector, with EU commodity prices now more closely linked to world prices. As a consequence EU prices have become more volatile. Greater price volatility increases uncertainty and raises fresh challenges for projections of policy impacts in the EU. To take account of world price volatility stochastic modelling has been applied to the FAPRI-EU partial equilibrium model, which includes a UK modelling system. Stochastic modelling provides a means to capture some of the inherent uncertainty associated with agricultural production systems. By varying assumptions about certain exogenous variables, stochastic models can be used to... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Agricultural policy; Stochastic modelling; Agricultural and Food Policy. |
| Ano: 2011 |
URL: http://purl.umn.edu/108771 |
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