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| Author: | Winters, A. Brenton, P. |
| Title: | Modelling quantitative trade restrictions: Rationing in the Rotterdam model |
| Journal: | Economist Leiden
1993 : VOL. 141:1, p. 112-126 |
| Index terms: | TRADE BARRIERS RATIONING DEMAND ANALYSIS |
| Language: | eng |
| Abstract: | An approach to modelling quantitative restrictions on international trade is developed. It is more than other approaches commonly adopted, since it allows for the possibility that, after the imposition of a quantity ceiling, price does not rise to the level required to clear excess demand but that quantity rationing occurs. The imposition of a voluntary export restraint implies that somewhere quantity is rationed. The proposed approach permits the identification of when a market is rationed and for allowing for it in the estimation of a demand system. |
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