This paper argues that under a commercial export milk program the market value of quota will be determined by the spread between the domestic market price and the export price rather than the conventional wisdom that it is determined by the spread between the domestic milk price and the marginal...

Until two years ago, most citizens of Canada, the United States and Mexico experienced terrorism as a distant reality viewed from the safety of their living rooms. Today, North Americans encounter constant reminders of the aggravation and economic costs imposed on them by the now real threat of...