Measures of Waste Due to Quotas

Authors

Lilyan E. Fulginiti, University of Nebraska-LincolnFollow
Richard K. Perrin, University of Nebraska-LincolnFollow

Date of this Version

8-1-1993

Abstract

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.