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Measures Of Waste Due To Quotas, Lilyan E. Fulginiti, Richard K. Perrin
Measures Of Waste Due To Quotas, Lilyan E. Fulginiti, Richard K. Perrin
Department of Agricultural Economics: Faculty Publications
This paper addresses the issue of measuring waste due to the imposition of a production quota. our objective is to elaborate two alternative general equilibrium concepts of the welfare loss due to the imposition of a production quota, and to illustrate their use by considering costs of the U.S. tobacco program.