Countries such as Canada, which manage domestic supply by regulating both production and imports, have come under pressure in recent years to liberalize their trade policy. This paper examines the effect of import concessions on the distribution of rents in supply-managed industries. Although...

Commodity stabilization under a buffer stock and under a buffer fund are compared. In the c ase where a good cannot be physically stored, stability brought about by a buffer fund scheme cannot result in a net welfare improvement f or society. When instability is due only to demand variability,...