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The Theory and Measurement of Producer Response under Quotas

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  • Fulginiti, Lilyan
  • Perrin, Richard

Abstract

Tobin and Houthakker's work on consumer behavior under quantity rationing has been extended by many authors, especial ly through the use of duality theory. This paper uses duality theory to extend the work on demand theory under rationing to the case of producer behavior under quotas. These results permit estimation of otherwise unobservable market supply and demand structures. The structure of the farm economy operating under a tobacco quota system is estimated, and the theory is utilized to infer that the supply elasticity of tobacco would be about 7.0 if the quotas were removed. Estimates such as this are not normally attainable without the theor y outlined here, even though they are essential for the evaluation of policy changes. Copyright 1993 by MIT Press.

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Bibliographic Info

Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 75 (1993)
Issue (Month): 1 (February)
Pages: 97-106

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Handle: RePEc:tpr:restat:v:75:y:1993:i:1:p:97-106

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Web page: http://mitpress.mit.edu/journals/

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Cited by:
  1. Yue Ma & Shu Kam Lee & Hing Lin Chan, 2003. "Estimating Firm Behavior under Rationing: a Panel Data Study of the Chinese Manufacturing Industry," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 1(2), pages 221-244.
  2. Aldanondo, Ana Maria & Puertolas, Javier, 2002. "International Quota Transfer and Intermediate Goods," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24851, European Association of Agricultural Economists.
  3. Daniel J. Phaneuf & Catherine L. Kling & Joseph A. Herriges, 1998. "Estimation and Welfare Calculations in a Generalized Corner Solution Model with an Application to Recreation Demand," Center for Agricultural and Rural Development (CARD) Publications 99-wp207, Center for Agricultural and Rural Development (CARD) at Iowa State University.
  4. Sckokai, Paolo, 2001. "The Common Agricultural Policy In Econometric Models," Working Papers 14800, National Institute of Agricultural Economics, Italy INEA, Osservatorio Sulle Politiche Agricole dell'UE.
  5. Alejandro Plastina & Lilyan Fulginiti, 2012. "Rates of return to public agricultural research in 48 US states," Journal of Productivity Analysis, Springer, vol. 37(2), pages 95-113, April.
  6. Jongeneel, Roelof A. & Ge, Lan, 2005. "Explaining Growth in Dutch Agriculture: Prices, Public R&D, and Technological Change," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24573, European Association of Agricultural Economists.
  7. F. Bonnieux & P. Rainelli & D. Vermersch, 1998. "Estimating the Supply of Environmental Benefits by Agriculture: A French Case Study," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 11(2), pages 135-153, March.
  8. Tiller, Kelly & Feleke, Shiferaw T. & Starnes, Jane H., 2011. "Economic Welfare Effects of the FDA Regulation of Tobacco Products on Tobacco Growers," Review of Applied Economics, Review of Applied Economics, vol. 7(1-2).
  9. Unterschultz, James R. & Jeffrey, Scott R. & Quagrainie, Kwamena K., 2000. "Value-Adding 20 Billion By 2005: Impact At The Alberta Farm Gate," Project Report Series 24049, University of Alberta, Department of Resource Economics and Environmental Sociology.
  10. Sutton, Russell W., 1999. "The Changing Political Environment For Tobacco -- Implications For Southern Tobacco Farmers, Rural Economies, Taxpayers, And Consumers: Discussion," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 31(02), August.
  11. Roberts, Kevin, 1999. "Rationality and the LeChatelier Principle," Journal of Economic Theory, Elsevier, vol. 87(2), pages 416-428, August.
  12. Kelly Tiller & Shiferaw Feleke & Jane Starnes, 2013. "Federal excise tax increase and its effects on U.S. tobacco production," Empirical Economics, Springer, vol. 44(2), pages 701-717, April.
  13. Raper, Kellie Curry & Love, H. Alan, 1999. "MONOPSONY POWER IN MULTIPLE INPUT MARKETS: A Nonparametric Approach," Staff Papers 11656, Michigan State University, Department of Agricultural, Food, and Resource Economics.
  14. Brown, A. Blake & Martin, Laura L., 1996. "Price Versus Quota Reductions: U.S. Flue-Cured Tobacco Policy," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 28(02), December.

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