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Theory and Measurement of Producer Response Under Quotas (The)

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  • Fulginiti, Lilyan E.
  • Perrin, Richard

Abstract

Tobin 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 Info

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 778.

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Date of creation: 01 Jan 1993
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Publication status: Published in Review of Economics and Statistics 1993, vol. 75 no. 1, pp. 97-106
Handle: RePEc:isu:genres:778

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
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Web page: http://www.econ.iastate.edu
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Cited by:
  1. Plastina, Alejandro S. & Fulginiti, Lilyan E., 2007. "Rates of Return to Public Agricultural Research in 48 U.S. States," 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon TN 9858, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  2. 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.
  3. Phaneuf, Daniel J. & Kling, Catherine L. & Herriges, Joseph A., 2000. "Estimation and Welfare Calculations in a Generalized Corner Solution Model with an Application to Recreation Demand," Staff General Research Papers 1355, Iowa State University, Department of Economics.
  4. 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.
  5. 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.
  6. 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.
  7. 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).
  8. 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.
  9. Sckokai, Paolo, 2001. "The Common Agricultural Policy In Econometric Models," Working Papers, National Institute of Agricultural Economics, Italy INEA, Osservatorio Sulle Politiche Agricole dell'UE 14800, National Institute of Agricultural Economics, Italy INEA, Osservatorio Sulle Politiche Agricole dell'UE.

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