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General Equilibrium Analysis of Price Controls: A Computational Approach

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  • Nguyen, Trien T
  • Whalley, John

Abstract

This paper presents a computational general equilibrium framework for evaluating the welfare costs associated with economy-wide price controls. Other than traditional commodity-specific partial equilibrium analyses, most empirical literature on price controls concentrates on macroeconomic issues, such as the impact on inflation and unemployment. Here the authors seek to reorient empirical literature on the effects of these controls toward efficiency losses from resource misallocation by providing a framework that can be used to address the issue of how large these economic inefficiencies are, and who gains and who loses from them. Copyright 1990 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Bibliographic Info

Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 31 (1990)
Issue (Month): 3 (August)
Pages: 667-84

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Handle: RePEc:ier:iecrev:v:31:y:1990:i:3:p:667-84

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Cited by:
  1. P. Jean-Jacques Herings, 1995. "Equilibrium existence results for economies with price rigidities," Economic Theory, Springer, vol. 7(1), pages 63-80.
  2. Brennan Platt, 2009. "Queue-rationed equilibria with fixed costs of waiting," Economic Theory, Springer, vol. 40(2), pages 247-274, August.
  3. Herings, P.J.J. & Laan, G. van der & Talman, A.J.J., 2004. "Equilibria with Coordination Failures," Discussion Paper 2004-107, Tilburg University, Center for Economic Research.
  4. Herings, P.J.J. & Laan, G. van der & Talman, A.J.J., 2001. "Quantity Constrained Equilibria," Discussion Paper 2001-93, Tilburg University, Center for Economic Research.
  5. Babenko, R. & Talman, A.J.J., 2006. "Quantity Constrained General Equilibrium," Discussion Paper 2006-125, Tilburg University, Center for Economic Research.

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