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Equilibrium Analysis of a Quota-regulated Market

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  • David A. Hennessy

Abstract

Existing microeconomic studies of quota-regulated markets have emphasized the short-run effects of market disturbances. This paper considers the long-run market equilibrium impacts of changes in technology, in input prices and in the distribution of output price when risk averse firms may freely enter and exit the regulated industry. Some of the results are intuitive, while others are not. In general, signing long-run equilibrium results requires a less restrictive preference structure than does signing short-run results. However, the nature of the equilibrating mechanism, ignored in partial analysis, is found to be important.
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Suggested Citation

  • David A. Hennessy, 1997. "Equilibrium Analysis of a Quota-regulated Market," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 45(1), pages 69-82, March.
    • Handle: RePEc:bla:canjag:v:45:y:1997:i:1:p:69-82
    DOI: j.1744-7976.1997.tb00159.x
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    Cited by:

    1. Hennessy, David A., 1998. "Industry equilibrium under price distribution and cost shifts," Journal of Economics and Business, Elsevier, vol. 50(6), pages 509-523, November.
    2. Semos, Anastasios V., 2001. "Estimation of Producer's Assistance and Evaluation of Agricultural Policy for Olive Oil in Greece," Agricultural Economics Review, Greek Association of Agricultural Economists, vol. 2(2), pages 1-12, August.
    3. Gervais, Jean-Philippe, 1999. "Optimal trade policy, time consistency and uncertainty in an oligopsonistic world market," ISU General Staff Papers 1999010108000013564, Iowa State University, Department of Economics.

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