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Between a cap and a higher price: Modelling the price of dairy quotas under price ceiling legislation

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  • Alex W. Chernoff

Abstract

This paper considers various policy alternatives to price ceiling legislation in the market for production quotas in the dairy farming sector in Quebec. I develop a model of farmers demand for quotas and estimate a structural parameter that is required for the counterfactual experiments. Using my econometric results and the modelled equilibrium price, I estimate the price of dairy quotas over the period 19932011. The counterfactual experiments indicate that the price of quotas could be reduced to the ceiling price through a 4.16% expansion of the aggregate supply of quotas, or through moderate trade liberalization of Canadian dairy products.

Suggested Citation

  • Alex W. Chernoff, 2015. "Between a cap and a higher price: Modelling the price of dairy quotas under price ceiling legislation," Canadian Journal of Economics, Canadian Economics Association, vol. 48(4), pages 1403-1429, November.
    • Handle: RePEc:cje:issued:v:48:y:2015:i:4:p:1403-1429
    DOI: 10.1111/caje.12153
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    JEL classification:

    • Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness

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