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Learning from Financial Markets: Auctioning Tariff-Rate Quotas in Agricultural Trade

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Author Info

  • Robert Jörin
  • Yvan Lengwiler

Abstract

Most tariff-rate quotas (TRQs) around the world are allocated in rather intransparent ways. Yet, according to the fundamental WTO principles, TRQs are supposed to be allocated in a transparent, equitable and non-discriminatory manner. We argue that auctions offer a promising way to achieve these goals, and at the same time enhance the efficiency of the allocation. Moreover, they provide the means to slowly phase out a quota regime in favor of a tariff-only regime. The biggest challenge in this endeavour is to find an auctioning procedure that operates also well in situations otherwise prone to collusive bidding behavior. We draw from experiences made in government debt auctions to come up with a system that would be resistant to collusion.

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Bibliographic Info

Article provided by Swiss Society of Economics and Statistics (SSES) in its journal Swiss Journal of Economics and Statistics.

Volume (Year): 140 (2004)
Issue (Month): IV (December)
Pages: 521-541

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Handle: RePEc:ses:arsjes:2004-iv-3

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Related research

Keywords: Import Quotas; Auctions; Collusion; Treasury Bonds;

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References

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  1. V.V. Chari & Robert J. Weber, 1992. "How the U.S. Treasury should auction its debt," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall, pages 3-12.
  2. LiCalzi, Marco & Pavan, Alessandro, 2005. "Tilting the supply schedule to enhance competition in uniform-price auctions," European Economic Review, Elsevier, vol. 49(1), pages 227-250, January.
  3. Steve McCorriston, 1996. "Import Quota Licenses and Market Power," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(2), pages 367-372.
  4. Back, Kerry & Zender, Jaime F., 2001. "Auctions of divisible goods with endogenous supply," Economics Letters, Elsevier, vol. 73(1), pages 29-34, October.
  5. Awudu Abdulai, 2002. "Using threshold cointegration to estimate asymmetric price transmission in the Swiss pork market," Applied Economics, Taylor & Francis Journals, vol. 34(6), pages 679-687.
  6. Jegadeesh, Narasimhan, 1993. " Treasury Auction Bids and the Salomon Squeeze," Journal of Finance, American Finance Association, vol. 48(4), pages 1403-19, September.
  7. Umlauf, Steven R., 1993. "An empirical study of the Mexican Treasury bill auction," Journal of Financial Economics, Elsevier, vol. 33(3), pages 313-340, June.
  8. Tenorio, Rafael, 1993. "Revenue Equivalence and Bidding Behavior in a Multi-unit Auction Market: An Empirical Analysis," The Review of Economics and Statistics, MIT Press, vol. 75(2), pages 302-14, May.
  9. Stefan Tangermann, 1996. "Implementation Of The Uruguay Round Agreement On Agriculture: Issues And Prospects," Journal of Agricultural Economics, Wiley Blackwell, vol. 47(1-4), pages 315-337.
  10. Wilson, Robert, 1979. "Auctions of Shares," The Quarterly Journal of Economics, MIT Press, vol. 93(4), pages 675-89, November.
  11. Robert Alan Feldman & Vincent Reinhart, 1995. "Flexible Estimation of Demand Schedules and Revenue Under Different Auction Formats," IMF Working Papers 95/116, International Monetary Fund.
  12. repec:ccp:journl:v:1:y:2001:i:3:p:247-281 is not listed on IDEAS
  13. Daniel Heller & Yvan Lengwiler, 2001. "Should the Treasury Price Discriminate?. A Procedure for Computing Hypothetical Bid Functions," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 157(3), pages 413-, September.
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Cited by:
  1. Joerin, Robert, 2009. "Improving Market Access: The Role of Auctions in Converting Tariff-Rate Quotas into Single Tariffs," 2009 Conference, August 16-22, 2009, Beijing, China 51448, International Association of Agricultural Economists.

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