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© 1985 Oxford University Press and the Foundation for the European Review of Agricultural Economics

other

Price uncertainty under EC milk quotas

ALISON BURRELL*

Department of Agricultural Economics, Wye College U.K

Summary

The current arrangements for applying the super levy under the Formula B option introduce a new element of price uncertainty into milk production decisions. In these circumstances it may be rational for individual producers to exceed their quota. Cyclical fluctuations in aggregate supply could develop, with implications for the efficiency of resource allocation and current dairy policy.


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