The dynamic behavior of quota license prices : theory and evidence from the Hong Kong apparel quotas (anglais)

Empirical studies of the welfare consequences of quotas often assume perfect competition everywhere. If this assumption is not valid, welfare estimate and policy recommendations may err dramatically. The popular press often argues that market power is being exercised in markets constrained by import quotas. The authors develop a framework for testing the hypothesis of perfect competition in the market for apparel quota licenses. Drawing on simple...
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