Price versus Quota Reductions: U.S. Flue-Cured Tobacco Policy

A. Blake Brown · Laura L. Martin

11 citations0/0 files storedJournal of Agricultural and Applied Economics

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Agricultural economics and policies Economics of Agriculture and Food Markets Agricultural Economics and Policy

Abstract

Abstract Declining domestic cigarette consumption, increased global competition, and loss of import restrictions indicate decreased demand for U.S. flue-cured tobacco. The effects of 10% declines in domestic and export demand are evaluated under a policy of reducing quota to maintain price versus a policy of allowing price to fall to maintain quota. Changes in prices, quantities, revenues, and economic rents are simulated. Losses to nonfarming quota owners are minimized under a policy of price maintenance, while losses in revenues to tobacco-producing areas are minimized by a policy of quota maintenance. Aggregate losses to tobacco growers are greater under a policy of quota maintenance.

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References

1995Restricting the Market for Quota: An Analysis of Tobacco Production Rights with Corroboration from Congressional Testimony 1992The Theory and Measurement of Producer Response under Quotas 1992Economic Rents Under Supply Controls with Marketable Quota 1983Social Cost of the Tobacco Program Redux

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