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Price ceilings and firm-specific quantity restrictions in posted-offer markets

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  • Kujal, Praveen

Abstract

The effect of price ceilings and quantity controls in experimental posted-offer markets on market efficiency and total output is compared. Quantity controls adversely affect market performance relative to price ceilings. In the quota experiments contract and total surplus realization is lower than under equivalent price controls. Welfare outcomes, in terms of market efficiency, for price ceilings and quantity controls in a market setting are not the same, at least in the short run. Different welfare outcomes from equivalent controls are attributed to the manner in which the price and quantity search space is ‘censored’ by the price and quantity controls.

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Bibliographic Info

Article provided by Elsevier in its journal Information Economics and Policy.

Volume (Year): 11 (1999)
Issue (Month): 4 (December)
Pages: 389-406

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Handle: RePEc:eee:iepoli:v:11:y:1999:i:4:p:389-406

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Web page: http://www.elsevier.com/locate/inca/505549

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  1. James T. Hong & Charles R. Plott, 1982. "Rate Filing Policies for Inland Water Transportation: An Experimental Approach," Bell Journal of Economics, The RAND Corporation, vol. 13(1), pages 1-19, Spring.
  2. M. L. Weitzman, 1973. "Prices vs. Quantities," Working papers 106, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. Kujal, Praveen, 1992. "Asymmetric surplus distribution and the price convergence path in posted-offer markets : A note," Economics Letters, Elsevier, vol. 39(1), pages 33-36, May.
  4. Isaac, R. Mark & Plott, Charles R., . "Price Controls and the Behavior of Auction Markets: An Experimental Examination," Working Papers 253, California Institute of Technology, Division of the Humanities and Social Sciences.
  5. McCabe, Kevin A. & Rassenti, Stephen J. & Smith, Vernon L., 1989. "Designing `smart' computer-assisted markets : An experimental auction for gas networks," European Journal of Political Economy, Elsevier, vol. 5(2-3), pages 259-283.
  6. Kujal, Praveen, 1994. "Firm Specific Output Limits in a Posted Offer Market: Distributive and Efficiency Effects," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/5330, Universidad Carlos III de Madrid.
  7. Davis, Douglas D & Holt, Charles A, 1998. "Conspiracies and Secret Discounts in Laboratory Markets," Economic Journal, Royal Economic Society, vol. 108(448), pages 736-56, May.
  8. Douglas D. Davis & Charles A. Holt, 1994. "Market Power and Mergers in Laboratory Markets with Posted Prices," RAND Journal of Economics, The RAND Corporation, vol. 25(3), pages 467-487, Autumn.
  9. Plott, Charles R, 1983. "Externalities and Corrective Policies in Experimental Markets," Economic Journal, Royal Economic Society, vol. 93(369), pages 106-27, March.
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