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Pricing Policy Under Double Market Power: Madagascar and the International Vanilla Market

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Author Info
de Melo, Jaime
Olarreaga, Marcelo
Takacs, Wendy E

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Abstract

This paper uses a price-leadership model of the international vanilla market to study the welfare consequences of alternative pricing policies for Madagascar – a country that controls domestic production through a single-channel marketing system and is the leader in the vanilla market. Econometric estimates of the model are used for simulations of welfare and revenue gains and losses and internal redistribution of income from alternative pricing policies. The results indicate that Madagascar could have gained between 0.9–2.6% of GDP per year on average over the period 1981–91 by following optimal pricing policies, and that producers were overtaxed suggesting that political economy considerations played a role in the pricing decisions.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1447.

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Date of creation: Aug 1996
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Handle: RePEc:cpr:ceprdp:1447

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Related research
Keywords: Income Distribution; Marketing Boards; Monopoly Power; Monopsony Power; Optimal Pricing;

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Find related papers by JEL classification:
D33 - Microeconomics - - Distribution - - - Factor Income Distribution
D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection
F14 - International Economics - - Trade - - - Country and Industry Studies of Trade
Q17 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agriculture in International Trade

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  1. Morisset, Jacques, 1997. "Unfair trade? Empirical evidence in world commodity markets over te past 25 years," Policy Research Working Paper Series 1815, The World Bank. [Downloadable!]
  2. Cadot, Olivier & de Melo, Jaime & Dutoit, Laure, 2006. "The Elimination of Madagascar's Vanilla Marketing Board, Ten Years On," CEPR Discussion Papers 5548, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  3. Hoekman, Bernard & Holmes, Peter, 1999. "Competition policy, developing countries, and the World Trade Organization," Policy Research Working Paper Series 2211, The World Bank. [Downloadable!]
  4. Hoekman, Bernard & Saggi, Kamal, 1999. "Multilateral disciplines for investment-related policies," Policy Research Working Paper Series 2138, The World Bank. [Downloadable!]
  5. Kamil Yilmaz, 2006. "How much should primary commodity exports be taxed? Nash and Stackelberg equilibria in the Global Cocoa Market," Journal of International Trade & Economic Development, Taylor and Francis Journals, vol. 15(1), pages 1-26, March. [Downloadable!] (restricted)
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