An Instructional Exercise in Price Controls: Product Quality, Misallocation, and Public Policy
Weisman Dennis L.,
Shane Sanders and
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Weisman Dennis L.: Kansas State University
Moundigbaye Mantobaye: Western Illinois University
Journal of Industrial Organization Education, 2012, vol. 6, issue 1, 1-21
A price control policy has several potential effects upon market welfare. These include deadweight loss, surplus transfer from producer to consumer, misallocative cost, and quality degradation. The present article provides accessible pedagogical models with which to incorporate the former two issues into a welfare analysis of price control. The analysis allows students to form a more complete understanding of price control policies.
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