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Producer Behaviour Under Strict Rationing and Quai-Fixed Factors

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  • Guyomard, Herve
  • Mahe, Louis Pascal
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    Abstract

    The paper examines the effect of rationing outputs and inputs on producer behaviour. Full representation of the modified supply-demand system after rationing, including shadow prices for the constrained netputs, is derived from the unrestricted profit function before rationing, and vice-versa. Attention is focused on cross-price effects which have been less explored than own-price effects which obey to the Le Chatelier principle. The theoretical framework is applied to the EC agricultural sector in order to analyse the effects of output and input rationing on the production structure of the EC agricultural sector, with emphasis on the impact of the milk quota constraint on unrestricted output supplies and input demands.

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    File URL: http://purl.umn.edu/7489
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    Bibliographic Info

    Paper provided by University of Minnesota, Economic Development Center in its series Bulletins with number 7489.

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    Date of creation: 1993
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    Handle: RePEc:ags:umedbu:7489

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    Keywords: Production Economics;

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    1. Lee, Lung-Fei & Pitt, Mark M., 1987. "Microeconometric models of rationing, imperfect markets, and non-negativity constraints," Journal of Econometrics, Elsevier, vol. 36(1-2), pages 89-110.
    2. Neary, J.P & Roberts, K.W.S, 1978. "The Theory of Household Behaviour under Rationing," The Warwick Economics Research Paper Series (TWERPS) 132, University of Warwick, Department of Economics.
    3. Kulatilaka, Nalin, 1985. "Tests on the validity of static equilibrium models," Journal of Econometrics, Elsevier, vol. 28(2), pages 253-268, May.
    4. Sakai, Yasuhiro, 1974. "Substitution and expansion effects in production theory: The case of joint production," Journal of Economic Theory, Elsevier, vol. 9(3), pages 255-274, November.
    5. Tsigas, Marinos E. & Hertel, Thomas W., 1989. "Testing Dynamic Models Of The Farm Firm," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 14(01), July.
    6. Epstein, Larry G, 1981. "Duality Theory and Functional Forms for Dynamic Factor Demands," Review of Economic Studies, Wiley Blackwell, vol. 48(1), pages 81-95, January.
    7. Nadiri, M Ishaq & Rosen, Sherwin, 1969. "Interrelated Factor Demand Functions," American Economic Review, American Economic Association, vol. 59(4), pages 457-71, Part I Se.
    8. Hughes, Joseph P., 1981. "Giffen inputs and the theory of multiple production," Journal of Economic Theory, Elsevier, vol. 25(2), pages 287-301, October.
    9. Hazilla, Michael & Kopp, Raymond J., 1986. "Testing for separable functional structure using temporary equilibrium models," Journal of Econometrics, Elsevier, vol. 33(1-2), pages 119-141.
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