Expanding the short‐run diagrammatic analysis of buffer funds by Snape and Yamey, possible revenue effects under optimum marketing‐board farmer prices are shown when (a) the farmer price is held constant for two years and shifts in demand and supply are experienced and (b) farmer price is allowed to fluctuate from one year to the next according to optimum considerations (under constraints regarding the maximum and minimum farmer price). Surpluses and export proceeds are shown to increase with a farmer price (net of transportation costs) equal to or lower than the world price. Control, however, may destabilize export proceeds and world price.
Use of proposed buffer stock and export quota devices in a market already controlled by buffer funds is shown, under conditions specified, to have uncertain effects on export proceeds. Buffer funds may reduce and destabilize producer country proceeds while export quotas have the opposite effect. A buffer stock in a market already controlled by a buffer fund interested in maximizing short‐run export proceeds may not, with cocoa market parameters hypothesized, be an improvement over the buffer fund during years for which the ceiling price is to be supported. 相似文献