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Explaining variations in the price of dairy quota: Flow returns, liquidity, quota characteristics, and policy risk


Metadata FieldValueLanguage
dc.contributorNorbert Wilsonen_US
dc.creatorWilson, Norbert
dc.creatorSummer, Daniel
dc.date.accessioned2022-10-14T16:41:29Z
dc.date.available2022-10-14T16:41:29Z
dc.date.created2004-04
dc.identifier.urihttp://www.waeaonline.org/jareonline/archives/index.php?issue=april2004en_US
dc.identifier.urihttps://aurora.auburn.edu/handle/11200/50397
dc.identifier.urihttp://dx.doi.org/10.35099/aurora-465
dc.description.abstractAn econometric model based on the net present value model is used to examine factors that drive the variation of California dairy quota values over a 29-year period. The results suggest the price of quota is based on expected returns, variations in quota owner liquidity, and the risk of policy default. The dominant influence on the variation of the quota price was the historical variation in monthly flow of net benefits from owning quota. This analysis confirms that the rate of return to quota rises in periods of policy uncertainty.en_US
dc.formatPDFen_US
dc.publisherWESTERN AGRICULTURAL ECONOMICS ASSOCen_US
dc.relation.ispartofJOURNAL OF AGRICULTURAL AND RESOURCE ECONOMICSen_US
dc.relation.ispartofseries0162-1912en_US
dc.subjectadaptive expectationsen_US
dc.subjectcapitalization of policyen_US
dc.subjectDairy policyen_US
dc.subjectpolicy risken_US
dc.subjectMILK QUOTASen_US
dc.subjectCaliforniaen_US
dc.subjectfarmlanden_US
dc.subjectOntarioen_US
dc.titleExplaining variations in the price of dairy quota: Flow returns, liquidity, quota characteristics, and policy risken_US
dc.typeCollectionen_US
dc.type.genreJournal Article, Academic Journalen_US
dc.citation.volume29en_US
dc.citation.issue1en_US
dc.citation.spage1en_US
dc.citation.epage16en_US
dc.description.statusPublisheden_US
dc.description.peerreviewYesen_US

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