Models of optimal intervention in commodity markets often presume the existence of a policy maker who explicitly maximises a social welfare function consisting of the weighted sum of welfare of different groups. This study identifies conditions regarding the weights attached to the groups of interest as well as the underlying technologies and preferences under which those welfare functions are consistent with the optimisation hypothesis.
机构:
Univ Zagreb, Fac Econ & Business Zagreb, Trg JF Kennedyja 6, Zagreb 10000, CroatiaUniv Zagreb, Fac Econ & Business Zagreb, Trg JF Kennedyja 6, Zagreb 10000, Croatia