쌀 재고정책 도입의 시장변수 및 후생분배 효과

Market and welfare distribution effects of introducing storage policy in the Korean rice sector

Under the dynamic market model, this study illustrates the public storage optimization process with special attention to the different welfare weights on interest groups. A simulation based on the Korean rice market parameters indicates that optimal storage rule differs when welfare weight is considered in the model compared to when it is not included. For a given supply level, the optimal carryover will tend to be larger if producer s welfar weight is relatively greater than that of other interest groups. Moreover the introduction of storage into a market model also impacts on market variables and the individual welfare of market participants, i.e. producer, comsumer and taxpayer. After public stockholding is arisen, the introduction of storage tends to remove output from the market. Therefore mean price rise above the level without storage, which benefits producer and hurt consumer and taxpayer. But, initial producer surplus overestimates the expected net gain to producers because the initial carryover will depress some future price, an hence some future producer revenue. Similarly the initial consumer surplus underestimates the expected consumer surplus. Thus the effects of introducing storage policy on market and welfare distribution should be naturally reviewed in the dynamic context.