Producer Behaviour Under Strict Rationing and Quai-Fixed Factors

Herve Guyomard, Louis Adrien Pascal Mahe, Herve Guyomard & Louis Adrien Pascal Mahe
The paper examines the effect of rationing outputs and inputs on producer behaviour. Full representation of the modified supply-demand system after rationing, including shadow prices for the constrained netputs, is derived from the unrestricted profit function before rationing, and vice-versa. Attention is focused on cross-price effects which have been less explored than own-price effects which obey to the Le Chatelier principle. The theoretical framework is applied to the EC agricultural sector in order to analyse...
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