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Insurance Milk

Author

Listed:
  • Julian M. Alston
  • John J. Quilkey

Abstract

Where the production of milk for sale on the fresh milk market at 'controlled' prices is subject to nontransferable quotas the holders of quota who wish to maximise profits have a motive to maintain production above the quota level to insure against variations in demand for over-quota sales and yield. The concept of 'production of milk as insurance' is used to clarify the way in which such behaviour gives rise to social costs which could be avoided in a competitive market, by a permissive attitude to arbitrage, or where quotas can be traded.
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Suggested Citation

  • Julian M. Alston & John J. Quilkey, 1980. "Insurance Milk," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 24(3), pages 283-290, December.
    • Handle: RePEc:bla:ajarec:v:24:y:1980:i:3:p:283-290
    DOI: j.1467-8489.1980.tb00583.x
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    Cited by:

    1. is not listed on IDEAS
    2. Fraser, Rob W., 1995. "A Note: A Clarification Of The Role Of Yield Uncertainty In Influencing Over-Quota Production," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 39(2), pages 1-5, August.
    3. Freebairn, John W., 1992. "Dairy Industry Policy," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 60(01), pages 1-19, April.

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