Explaining Differences in Milk Quota Values: The Role of Economic Efficiency
利用西班牙奶牛场面板数据估计牛奶配额价值，并将其分解为经济效率、价格和规模效应，发现效率是解释配额价值差异的重要因素，但与农场可观测特征无关，质疑政府将配额分配给高效农场的能力。
This article explores the relationship between milk quota values and economic efficiency in order to analyze government interventions in quota allocations among producers. For this purpose, we estimate quota values using a panel of Spanish dairy farms. Quota values are then decomposed into economic efficiency, price, and scale effects in order to assess the relative influence of these factors. We find that efficiency is important in explaining quota values but is uncorrelated with observable farm characteristics. This casts doubts on the government's ability to allocate quotas to efficient farms.