The allocative cost of price ceilings in the US residential market for natural gas:
"A direct consequence of imposing a ceiling on the price of a good for which secondary markets do not exist, is that, when there is excess demand, the good will not be allocated to the buyers who value it the most. The resulting allocative cost has been discussed in the literature as a potentia...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2008
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
14030 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "A direct consequence of imposing a ceiling on the price of a good for which secondary markets do not exist, is that, when there is excess demand, the good will not be allocated to the buyers who value it the most. The resulting allocative cost has been discussed in the literature as a potentially important component of the total welfare loss from price ceilings, but its practical importance has yet to be established empirically. In this paper, we address this question using data for the U.S. residential market for natural gas which was subject to price ceilings during 1954-1989. This market is well suited for such an empirical analysis and natural gas price ceilings affected millions of households. Using a household-level, discrete-continuous model of natural gas demand, we estimate that the allocative cost in the U.S. residential market for natural gas averaged $4.6 billion annually since the 1950s, effectively tripling previous estimates of the net welfare loss to U.S. consumers. We quantify the evolution of this allocative cost and its geographical distribution during the post-war period, and we highlight implications of our analysis for the regulation of other markets"--National Bureau of Economic Research web site |
| Beschreibung: | 56 S. graph. Darst. 22 cm |
Internformat
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| 520 | 8 | |a "A direct consequence of imposing a ceiling on the price of a good for which secondary markets do not exist, is that, when there is excess demand, the good will not be allocated to the buyers who value it the most. The resulting allocative cost has been discussed in the literature as a potentially important component of the total welfare loss from price ceilings, but its practical importance has yet to be established empirically. In this paper, we address this question using data for the U.S. residential market for natural gas which was subject to price ceilings during 1954-1989. This market is well suited for such an empirical analysis and natural gas price ceilings affected millions of households. Using a household-level, discrete-continuous model of natural gas demand, we estimate that the allocative cost in the U.S. residential market for natural gas averaged $4.6 billion annually since the 1950s, effectively tripling previous estimates of the net welfare loss to U.S. consumers. We quantify the evolution of this allocative cost and its geographical distribution during the post-war period, and we highlight implications of our analysis for the regulation of other markets"--National Bureau of Economic Research web site | |
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Datensatz im Suchindex
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| id | DE-604.BV023593915 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:32Z |
| indexdate | 2024-07-09T21:25:16Z |
| institution | BVB |
| language | English |
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| physical | 56 S. graph. Darst. 22 cm |
| publishDate | 2008 |
| publishDateSearch | 2008 |
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| publisher | National Bureau of Economic Research |
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| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Davis, Lucas W. Verfasser aut The allocative cost of price ceilings in the US residential market for natural gas Lucas W. Davis ; Lutz Kilian Cambridge, Mass. National Bureau of Economic Research 2008 56 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 14030 "A direct consequence of imposing a ceiling on the price of a good for which secondary markets do not exist, is that, when there is excess demand, the good will not be allocated to the buyers who value it the most. The resulting allocative cost has been discussed in the literature as a potentially important component of the total welfare loss from price ceilings, but its practical importance has yet to be established empirically. In this paper, we address this question using data for the U.S. residential market for natural gas which was subject to price ceilings during 1954-1989. This market is well suited for such an empirical analysis and natural gas price ceilings affected millions of households. Using a household-level, discrete-continuous model of natural gas demand, we estimate that the allocative cost in the U.S. residential market for natural gas averaged $4.6 billion annually since the 1950s, effectively tripling previous estimates of the net welfare loss to U.S. consumers. We quantify the evolution of this allocative cost and its geographical distribution during the post-war period, and we highlight implications of our analysis for the regulation of other markets"--National Bureau of Economic Research web site Kilian, Lutz Verfasser (DE-588)130444812 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 14030 (DE-604)BV002801238 14030 http://papers.nber.org/papers/w14030.pdf kostenfrei Volltext |
| spellingShingle | Davis, Lucas W. Kilian, Lutz The allocative cost of price ceilings in the US residential market for natural gas |
| title | The allocative cost of price ceilings in the US residential market for natural gas |
| title_auth | The allocative cost of price ceilings in the US residential market for natural gas |
| title_exact_search | The allocative cost of price ceilings in the US residential market for natural gas |
| title_exact_search_txtP | The allocative cost of price ceilings in the US residential market for natural gas |
| title_full | The allocative cost of price ceilings in the US residential market for natural gas Lucas W. Davis ; Lutz Kilian |
| title_fullStr | The allocative cost of price ceilings in the US residential market for natural gas Lucas W. Davis ; Lutz Kilian |
| title_full_unstemmed | The allocative cost of price ceilings in the US residential market for natural gas Lucas W. Davis ; Lutz Kilian |
| title_short | The allocative cost of price ceilings in the US residential market for natural gas |
| title_sort | the allocative cost of price ceilings in the us residential market for natural gas |
| url | http://papers.nber.org/papers/w14030.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT davislucasw theallocativecostofpriceceilingsintheusresidentialmarketfornaturalgas AT kilianlutz theallocativecostofpriceceilingsintheusresidentialmarketfornaturalgas |