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The Not-So-Simple Economics Of Production Quota Buyouts

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  • SCHMITZ, ANDREW
  • HAYNES, DWAYNE
  • SCHMITZ, TROY G.

Abstract

This article updates and expands the literature on the impact of production quotas. Unlike many of the early studies, our focus is largely on the removal of production quota programs. We study cases wherein production quota programs have been eliminated and quota owners were compensated for their losses. Specifically, we examine (1) production quotas in both the absence and presence of trade, (2) production quota buyouts (three case studies), (3) sources of funding, and (4) general equilibrium considerations. A fifth section briefly discusses externalities, the interpretation of consumer surplus measures, and the nature of conducting economic analyses of addictive goods.

Suggested Citation

  • Schmitz, Andrew & Haynes, Dwayne & Schmitz, Troy G., 2016. "The Not-So-Simple Economics Of Production Quota Buyouts," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 48(2), pages 119-147, May.
    • Handle: RePEc:cup:jagaec:v:48:y:2016:i:02:p:119-147_00
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    Cited by:

    1. Oglend, Atle & Asche, Frank & Straume, Hans-Martin, 2024. "Rent formation and distortions due to quotas in biological production processes," Resource and Energy Economics, Elsevier, vol. 77(C).
    2. Boysen, Ole & Ferrari, Emanuele & Nechifor, Victor & Tillie, Pascal, 2023. "Earn a living? What the Côte d’Ivoire–Ghana cocoa living income differential might deliver on its promise," Food Policy, Elsevier, vol. 114(C).
    3. Brennan A. McLachlan & G. Cornelis van Kooten, 2022. "Reforming Canada's dairy supply management scheme and the consequences for international trade," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 70(1), pages 21-39, March.

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