ABSTRACT
In his chapter, Bruce L. Gardner examines several policy options for grains. The treatment of the interplay between supply and demand elasticities, including the elasticity of export demand (short term and long term) in the context of policy options, frames the options nicely. While the author takes a back-of-the-envelope approach, it is highly useful in that it quantifies essential elements of the outcome, thereby permitting comparisons across options.
