Theory and Measurement of Producer Response under Quotas, The
AbstractTobin and Houthakker's (1950-51) work on consumer behavior under quantity rationing has been extended by many authors, especially 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 theory outlined here, even though they are essential for the evaluation of policy changes.
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Bibliographic InfoPaper provided by Food and Agricultural Policy Research Institute (FAPRI) at Iowa State University in its series Food and Agricultural Policy Research Institute (FAPRI) Publications with number 92-wp94.
Date of creation: May 1992
Date of revision:
Other versions of this item:
- Lilyan E. Fulginiti & Richard K. Perrin, 1992. "Theory and Measurement of Producer Response under Quotas, The," Center for Agricultural and Rural Development (CARD) Publications 92-wp94, Center for Agricultural and Rural Development (CARD) at Iowa State University.
- Fulginiti, Lilyan E. & Perrin, Richard, 1993. "Theory and Measurement of Producer Response Under Quotas (The)," Staff General Research Papers 778, Iowa State University, Department of Economics.
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