全球智库信息集成服务系统(G2TT): The Allocative Cost of Price Ceilings in the U.S. Residential Market for Natural Gas

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来源类型	Working Paper
规范类型	报告
DOI	10.3386/w14030
来源ID	Working Paper 14030
	The Allocative Cost of Price Ceilings in the U.S. Residential Market for Natural Gas
	Lucas W. Davis; Lutz Kilian
发表日期	2008-05-30
出版年	2008
语种	英语
摘要	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.
主题	Microeconomics ; Market Structure and Distribution ; Industrial Organization ; Regulatory Economics ; Industry Studies ; Environmental and Resource Economics ; Energy
URL	https://www.nber.org/papers/w14030
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/571705
推荐引用方式 GB/T 7714	Lucas W. Davis,Lutz Kilian. The Allocative Cost of Price Ceilings in the U.S. Residential Market for Natural Gas. 2008.

条目包含的文件
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w14030.pdf（694KB）	智库出版物		限制开放	CC BY-NC-SA	浏览