THE NOT-SO-SIMPLE ECONOMICS OF PRODUCTION QUOTA BUYOUTS

Andrew Schmitz, Dwayne Haynes and Troy G. Schmitz

Journal of Agricultural and Applied Economics, 2016, vol. 48, issue 2, 119-147

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.

Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jagaec:v:48:y:2016:i:02:p:119-147_00

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