The Effect of Supply Management on Herd Size in Alberta Dairy
研究加拿大阿尔伯塔省乳制品供应管理计划如何通过配额限制影响农户的奶牛投资行为，发现该计划可能导致过度投资并降低生产率增长。
Abstract A supply management program limits the aggregate supply of a commodity, often through the use of marketable quota licenses. The static, aggregate welfare effects of supply controls are well known, but the farm‐level, dynamic effects on dairy investment are not. A theoretical cost‐of‐adjustment model is used to show that supply management reduces the rate of quasi‐fixed input adjustment at the farm level. In fact, when a quasi‐fixed input is complementary to quota licenses, investment or disinvestment can be impaired to such an extent that the input moves away from the long‐run equilibrium. As a result, overinvestment in this input can significantly reduce productivity growth.