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Restricting the Market for Quota: An Analysis of Tobacco Production Rights with Corroboration from Congressional Testimony

Listed author(s):
  • Rucker, Randal R
  • Thurman, Walter N
  • Sumner, Daniel A

Regulatory programs that restrict output levels often impose restrictions on the transfer of rights to produce or to use particular inputs. In this paper, the authors use a unique cross-section, time-series data set from North Carolina to quantify the welfare effects of transfer restrictions for poundage quota under the U.S. flue-cured tobacco program. The authors find that the deadweight costs of such restrictions are small but that the distributional effects are substantial. The authors analyze congressional testimony on quota transfer legislation and conclude that their estimates of the distributional effects are consistent with expressed views of market participants. Copyright 1995 by University of Chicago Press.

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Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 103 (1995)
Issue (Month): 1 (February)
Pages: 142-175

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Handle: RePEc:ucp:jpolec:v:103:y:1995:i:1:p:142-75
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  1. Giancarlo Moschini, 1989. "Modeling the Supply Response of Supply-Managed Industries: A Review of Issues," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 37(3), pages 379-392, November.
  2. Lilyan E. Fulginiti & Richard K. Perrin, 1992. "Theory and Measurement of Producer Response under Quotas, The," Center for Agricultural and Rural Development (CARD) Publications 92-wp94, Center for Agricultural and Rural Development (CARD) at Iowa State University.
  3. Peltzman, Sam, 1993. "George Stigler's Contribution to the Economic Analysis of Regulation," Journal of Political Economy, University of Chicago Press, vol. 101(5), pages 818-832, October.
  4. B. Delworth Gardner, 1962. "Transfer Restrictions and Misallocation in Grazing Public Range," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 44(1), pages 50-63.
  5. James A. Seagraves, 1969. "Capitalized Values of Tobacco Allotments and the Rate of Return to Allotment Owners," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 51(2), pages 320-334.
  6. Johnson, Ronald N & Gisser, Micha, 1981. "The Definition of a Surface Water Right and Transferability," Journal of Law and Economics, University of Chicago Press, vol. 24(2), pages 273-288, October.
  7. Bruce A. Babcock & William E. Foster, 1992. "Economic Rents Under Supply Controls with Marketable Quota," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 74(3), pages 630-637.
  8. Maloney, Michael T. & Yandle, Bruce, 1984. "Estimation of the cost of air pollution control regulation," Journal of Environmental Economics and Management, Elsevier, vol. 11(3), pages 244-263, September.
  9. Fulginiti, Lilyan & Perrin, Richard, 1993. "The Theory and Measurement of Producer Response under Quotas," The Review of Economics and Statistics, MIT Press, vol. 75(1), pages 97-106, February.
  10. Ross Eckert, 1973. "On the incentives of regulators: The case of taxicabs," Public Choice, Springer, vol. 14(1), pages 83-99, March.
  11. Lott, John R, Jr, 1987. "Licensing and Nontransferable Rents," American Economic Review, American Economic Association, vol. 77(3), pages 453-455, June.
  12. Rucker, Randal R & Thurman, Walter N, 1990. "The Economic Effects of Supply Controls: The Simple Analytics of the U.S. Peanut Program," Journal of Law and Economics, University of Chicago Press, vol. 33(2), pages 483-515, October.
  13. Anderson, James E, 1985. "The Relative Inefficiency of Quotas: The Cheese Case," American Economic Review, American Economic Association, vol. 75(1), pages 178-190, March.
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