G2TT
来源类型Discussion paper
规范类型论文
来源IDDP6163
DP6163 Mediocracy
Antonio Merlo; Andrea Mattozzi
发表日期2007-03-02
出版年2007
语种英语
摘要Following a Supreme Court decision in 1954, natural gas markets in the U.S. were subject to 35 years of intensive federal regulation. Several studies have measured the deadweight loss from the price ceilings that were imposed during this period. This paper concentrates on an additional component of welfare loss that is rarely discussed. In particular, when there is excess demand for a good such as natural gas for which secondary markets do not exist, an additional welfare loss occurs when the good is not allocated to the buyers who value it the most. We quantify the overall size of this allocative cost, its evolution during the post-war period, and its geographical distribution, and we highlight implications of our analysis for the regulation of other markets. Using a household-level, discrete-continuous model of natural gas demand we estimate that the allocative cost averaged $8.1 billion annually in the U.S. residential market for natural gas during 1950-2000, effectively doubling previous estimates of the total welfare losses from natural gas regulation. We find that these allocative costs were borne disproportionately by households in the Northeast, Midwest, and South Atlantic states. Costs were largest in New York, Pennsylvania, and Massachusetts with 70% of all costs borne by the ten states affected most.
主题Public Economics
关键词Allocative cost Deadweight loss Natural gas Price ceiling Regulation
URLhttps://cepr.org/publications/dp6163
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/535001
推荐引用方式
GB/T 7714
Antonio Merlo,Andrea Mattozzi. DP6163 Mediocracy. 2007.
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