General Equilibrium Analysis of Supply Control in U.S. Agriculture
This paper provides a general equilibrium analysis of several alternative supply control measures currently employed (or proposed) for U.S. agriculture. Results confirm that acreage controls generate a large marginal excess burden. However, tradeable output quotas are found to be marginally welfare improving in the aggregate. This second-best outcome reflects the benefits associated with a reduction in policy-induced excess capacity. Permitting production in excess of the quota to be sold overseas, as has been proposed, is shown to dissipate most of the domestic gains from output controls. The paper closes with a discussion of first-best alternatives to supply control. Copyright 1991 by Oxford University Press.
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Volume (Year): 18 (1991)
Issue (Month): 2 ()
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