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The Welfare Cost of Alternative Methods of Protecting Raw Wool in the United States

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  • Rachel Dardis
  • Janet Dennisson

Abstract

Partial equilibrium analysis was employed to estimate the gain or loss accruing to the United States in adopting alternative methods of protection for raw wool. The cost estimates, which were calculated for 1963, indicated that the economy had gained from the adoption of a partial deficiency payments system in 1954. However, further gains could have been made if the raw wool and compensatory wool products tariffs had been replaced by increased deficiency payments. The cost to the economy of maintaining the present system of protection for raw wool ranged from $13 to $26 million, depending on the particular elasticity of demand used. The results demonstrate the necessity for considering interaction between intermediate and final goods in evaluating alternative methods of protection.

Suggested Citation

  • Rachel Dardis & Janet Dennisson, 1969. "The Welfare Cost of Alternative Methods of Protecting Raw Wool in the United States," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 51(2), pages 303-319.
    • Handle: RePEc:oup:ajagec:v:51:y:1969:i:2:p:303-319.
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    File URL: http://hdl.handle.net/10.2307/1237581
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    Cited by:

    1. Edith Crammatte & Rachel Dardis, 1970. "Cost of Protection of the U. S. Wool Sector," The Economic Record, The Economic Society of Australia, vol. 46(1), pages 96-106, March.
    2. Brandow, George E., 1977. "Policy for Commercial Agriculture, 1945-71," A Survey of Agricultural Economics Literature, Volume 1: Traditional Fields of Agricultural Economics 1940s to 1970s,, Agricultural and Applied Economics Association.
    3. Brandow, G.E., 1977. "PART III. Policy for Commerical Agriculture, 1945-71," AAEA Monographs, Agricultural and Applied Economics Association, number 337215.
    4. David S. Bullock & Klaus Salhofer & Jukka Kola, 1999. "The Normative Analysis of Agricultural Policy: A General Framework and Review," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(3), pages 512-535, September.

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