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Firm behavior under quantity controls: The theory of virtual quantities



Details

  • Journal Title:
    Journal of Environmental Economics and Management
  • Personal Author:
    Squires, Dale ORCID ICON IMG
  • NOAA Program & Office:
    NMFS (National Marine Fisheries Service)
  • Description:
    The theory of virtual quantities, the dual to virtual prices, provides a framework to analyze competitive multiproduct firm behavior under multiple quantity controls on inputs and outputs, including command-and-control quotas and transferable property rights. The framework addresses the firm׳s reactions to regulatory controls, impacts of adding or dropping quantity controls, inferring unrationed from rationed production, and conversion from command-and-control quotas to cap-and-trade systems with transferable property rights and secondary market behavior. The paper develops reasons for failure of quasi-concavity of technology, extends the elasticity of intensity׳s properties, and integrates the virtual price and virtual quantity frameworks. Virtual quantities are applied to assess potential firm responses to quantity controls and a potential transferable property right in a Malaysian fishery.
  • Source:
    Journal of Environmental Economics and Management, 79, 70-86
  • DOI:
  • ISSN:
    0095-0696
  • Format:
    pdf
  • Publisher:
    Elsevier BV
  • Document Type:
    Journal Article
  • Rights Information:
    Other
  • Compliance:
    Library
  • Main Document Checksum:
    urn:sha-512:a9a5588ca4a9157f2f69c5a335c63b24b83eca096fe2f33541b90e23cedc028fbc9e88d349ab79d3df5780ee1071ba3dbcf83bd5e5811378df31a6a71f9aac6e
  • Download URL:
  • File Type:
    Filetype[PDF - 443.26 KB ]
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