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Sustainable Rates of Return for Milk Quotas in Ontario

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  • Giancarlo Moschini
  • Karl D. Meilke

Abstract

This paper utilizes the capital asset pricing model, together with available econometric estimates of the cost function of Ontario dairy farms, to estimate rates of returns for three types of milk quotas. The estimated rates follow the trend of the interest rate in the economy, and the rate of return on fluid milk quota is higher than the rate of return on industrial milk quotas.
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Suggested Citation

  • Giancarlo Moschini & Karl D. Meilke, 1988. "Sustainable Rates of Return for Milk Quotas in Ontario," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 36(1), pages 119-126, March.
    • Handle: RePEc:bla:canjag:v:36:y:1988:i:1:p:119-126
    DOI: j.1744-7976.1988.tb03265.x
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    1. Andrew Schmitz, 1983. "Supply Management in Canadian Agriculture: An Assessment of the Economic Effects," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 31(2), pages 135-152, July.
    2. Giancarlo Moschini, 1988. "The Cost Structure of Ontario Dairy Farms: A Microeconometric Analysis," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 36(2), pages 187-206, July.
    3. Michele M. Veeman, 1982. "Social Costs of Supply-Restricting Marketing Boards," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 30(1), pages 21-36, March.
    4. George Lermer & W. T. Stanbury, 1985. "Measuring the Cost of Redistributing Income by Means of Direct Regulation," Canadian Journal of Economics, Canadian Economics Association, vol. 18(1), pages 190-207, February.
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    Citations

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    Cited by:

    1. Wilson, Norbert L.W. & Sumner, Daniel A., 2004. "Explaining Variations in the Price of Dairy Quota: Flow Returns, Liquidity, Quota Characteristics, and Policy Risk," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 29(1), pages 1-16, April.
    2. Wilson, Norbert L.W. & Sumner, Daniel A. & Havenner, Arthur M., 1997. "Time Series Analysis of a Policy-Created Asset: The Case of the California Dairy Quota," 1997 Annual Meeting, July 13-16, 1997, Reno\ Sparks, Nevada 35926, Western Agricultural Economics Association.
    3. Graham, John D. & Stennes, Brad & MacGregor, Robert J. & Meilke, Karl & Moschini, Giancarlo, 1990. "The Effects of Trade Liberalization on the Canadian Dairy and Poultry Sectors," Working Papers 244045, Agriculture and Agri-Food Canada.
    4. Ewing, Rebecca, 1994. "The Canadian Dairy Industry: Institutional Structure and Demand Trends in the 1990s," Working Papers 244033, Agriculture and Agri-Food Canada.
    5. Calum Turvey & Alfons Weersink & Craig Martin, 2003. "The Value of Dairy Quota under a Commercial Export Milk Program," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 51(1), pages 69-83, March.
    6. Predrag Rajsic & Glenn Fox, 2017. "Quota prices as indicators of comparative advantage in supply-managed industries," Agricultural Economics, International Association of Agricultural Economists, vol. 48(2), pages 165-174, March.
    7. Meilke, Karl D. & Sarker, Rakhal & Le Roy, Danny G., 1996. "Analyzing The Potential For Increased Trade In Dairy Products: A Canadian Perspective," Proceedings of the 2nd Agricultural and Food Policy Systems Information Workshop, 1996: Understanding Canada\United States Dairy Disputes 16959, Farm Foundation, Agricultural and Food Policy Systems Information Workshops.
    8. Iain Fraser & Andrew McInnes & Noel Russell, 1997. "The Allocation Of Sugarbeet Production Contracts: An Application Of Calibrated Production Equilibrium Modelling," Journal of Agricultural Economics, Wiley Blackwell, vol. 48(1‐3), pages 139-150, January.
    9. Doyon, Maurice & Brodeur, Catherine & Gervais, Jean-Philippe, 2006. "Imputing Dairy Producers' Quota Discount Rate Using the Individual Export Milk Program in Quebec," CAFRI: Current Agriculture, Food and Resource Issues, Canadian Agricultural Economics Society, issue 7, pages 1-11, November.

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