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

Alex Chernoff

Canadian Journal of Economics, 2015, vol. 48, issue 4, 1403-1429

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.

JEL-codes: Q13 (search for similar items in EconPapers)
Date: 2015
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Handle: RePEc:cje:issued:v:48:y:2015:i:4:p:1403-1429