In comparing second-best prices and quantities, studies assume that quantities bind with probability one. We present a more general and realistic model of second-best regulation where quantity instruments can bind with probability less than one. This additional flexibility of quantity instruments makes them much more efficient than previously realized.
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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2004 Annual meeting, August 1-4, Denver, CO with number
20257.
Length: Date of creation: 2004 Date of revision: Handle: RePEc:ags:aaea04:20257
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