The simple analytics of agricultural production quotas |
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| Authors: | P. J. Dawson |
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| Affiliation: | Department of Agricultural Economics and Food Marketing , University of Newcastle upon Tyne , Newcastle upon Tyne , NE1 7RU , UK |
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| Abstract: | Abstract The literature on the theory of supply management is disparate. The aim of this paper is simply to bring it together in a largely non‐mathematical way. The Cochrane Proposal, which was the first real exposition of how a supply control policy might operate, is reviewed. The paper then focuses on production quotas in the short and long runs and examines the impact of uncertainty. |
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