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Policy Risk in the Canadian Dairy Industry

Author

Listed:
  • Lia Nogueira
  • Richard R. Barichello
  • Kathy Baylis
  • Hayley H. Chouinard

Abstract

Canadian dairy farmers purchase a marketing quota through the Provincial Marketing Boards to sell milk in Canada. That quota captures rents created by regulations and is subject to policy risk. We define policy risk as the farmers' expectation that quota rents will decline or disappear over time. We calculate the effect of perceived policy risk to determine whether the Uruguay Round Agreement affected the amount of protection given to farmers. Calculated policy risk ranged from 14-29%. Policy risk increased in the years leading up to the Uruguay Round Agreement, but decreased after the WTO was established and remains at a historic low.

Suggested Citation

  • Lia Nogueira & Richard R. Barichello & Kathy Baylis & Hayley H. Chouinard, 2012. "Policy Risk in the Canadian Dairy Industry," Applied Economic Perspectives and Policy, Agricultural and Applied Economics Association, vol. 34(1), pages 147-166.
    • Handle: RePEc:oup:apecpp:v:34:y:2012:i:1:p:147-166.
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    File URL: http://hdl.handle.net/10.1093/aepp/ppr043
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    Cited by:

    1. Yu Zhao & Huaming Du & Qing Li & Fuzhen Zhuang & Ji Liu & Gang Kou, 2022. "A Comprehensive Survey on Enterprise Financial Risk Analysis from Big Data Perspective," Papers 2211.14997, arXiv.org, revised May 2023.
    2. G. Cornelis van Kooten, 2020. "Reforming Canada's Dairy Sector: USMCA and the Issue of Compensation," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 42(3), pages 542-558, September.
    3. Himics, Mihaly & Listorti, Giulia & Tonini, Axel, 2020. "Simulated economic impacts in applied trade modelling: A comparison of tariff aggregation approaches," Economic Modelling, Elsevier, vol. 87(C), pages 344-357.
    4. Colin A. Carter & Pierre Mérel, 2016. "Hidden costs of supply management in a small market," Canadian Journal of Economics, Canadian Economics Association, vol. 49(2), pages 555-588, May.

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