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Price and quantity controlled agricultural markets and disequilibrium econometrics: a survey

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  • Edward Oczkowski

Abstract

This survey reviews the literature on estimating single markets in disequilibrium in the presence of regulated price and/or quantity controls, e.g., minimum price regimes and/or marketing quotas. Most of the literature is found to describe pure econometric technique, with only a few applications having emerged to date. Various reasons for the broad non‐acceptance of this literature are offered, including a perceived lack of realism. Proposals to close this econometric theory–application gap are put forward, including: the use of effective demand concepts in specifying demand and supply functions; synthesizing some closely related literature on agricultural price/quantity controls with disequilibrium econometrics (i.e., endogenous government policy and the effects controls have on yield uncertainty and price risk); and outlining more ‘applicable’ econometric technique extensions.

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  • Edward Oczkowski, 1993. "Price and quantity controlled agricultural markets and disequilibrium econometrics: a survey," Agricultural Economics, International Association of Agricultural Economists, vol. 9(1), pages 53-87, July.
    • Handle: RePEc:bla:agecon:v:9:y:1993:i:1:p:53-87
    DOI: 10.1111/j.1574-0862.1993.tb00259.x
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    Cited by:

    1. Hansen, James Mark, 2000. "Agricultural and trade policy reform in Mexico: PROCAMPO, NAFTA, and pre-GATT," ISU General Staff Papers 2000010108000014902, Iowa State University, Department of Economics.

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