A thirteen‐region quadratic programming model of world wheat trade is utilized to simulate the effects of unanticipated quantity changes on prices in the world wheat market under different degrees of trade restriction. Three scenarios characterized by different numbers of regions that permit price signals from international markets to be reflected into their domestic markets are specified. As the number of countries whose wheat trade is price responsive increases in the simulations, the percentage change in world price is smaller in response to a shock such as u.s. export controls or an unanticipated change in Soviet imports.
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Shei et al. (1977) studied this question.
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