On the ranking of price and quantity controls under uncertainty |
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Authors: | Hiroshi Ohta |
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Affiliation: | Kobe University of Commerce, Tarumi, Kobe, 655, Japan;University of New South Wales, Kensington, N.S.W., 2033, Australia |
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Abstract: | It is shown that the equivalence of optimal price, optimal export quota and optimal import quota, known to hold under conditions of complete certainty, also holds if foreign demand is certain, however uncertain is the domestic production set. It is further shown that, even if foreign demand is uncertain, the three controls can be ranked in a special case. |
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