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Prices versus Quantities: The Political Perspective

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  • Finkelshtain, Israel
  • Kislev, Yoav

Abstract

Regulation regimes subject to the influence of interest groups are compared. It is shown that the allocation of the regulated commodity varies with the implemented control and that the advantage of prices (versus quotas) increases with the elasticity of the demand for or the supply of the commodity and decreases with the number of organized producers in the regulated industry. Control regimes can be ranked for negative, but not positive, externalities. Finally, a control regime leading to a more efficient commodity allocation also entails using fewer resources in rent-seeking activities. Copyright 1997 by the University of Chicago.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 105 (1997)
Issue (Month): 1 (February)
Pages: 83-100

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Handle: RePEc:ucp:jpolec:v:105:y:1997:i:1:p:83-100

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Cited by:
  1. Montero, Juan-Pablo, 2002. "Prices versus quantities with incomplete enforcement," Journal of Public Economics, Elsevier, vol. 85(3), pages 435-454, September.
  2. Akira Maeda, 2012. "Setting trigger price in emissions permit markets equipped with a safety valve mechanism," Journal of Regulatory Economics, Springer, vol. 41(3), pages 358-379, June.
  3. Michael Reksulak & William Shughart, 2012. "What should government do? Problems of social cost, externalities and all that," Public Choice, Springer, vol. 152(1), pages 103-114, July.
  4. Villegas, Clara & Coria, Jessica, 2009. "Taxes, Permits and the Adoption of Abatement Technology under Imperfect Compliance," Working Papers in Economics 368, University of Gothenburg, Department of Economics.
  5. Eli Feinerman & Israel Finkelshtain & Iddo Kan, 2004. "On A Political Solution to the NIMBY Conflict," American Economic Review, American Economic Association, vol. 94(1), pages 369-381, March.
  6. Linda Cohen & Amihai Glazer, 2008. "Regulation with Budget Constraints Can Dominate Regulation by Price and by Quantity," Working Papers 080903, University of California-Irvine, Department of Economics.
  7. Thomas Eichner & Rüdiger Pethig, 2014. "Self-enforcing international environmental agreements and trade: taxes versus caps," Volkswirtschaftliche Diskussionsbeiträge 165-14, Universität Siegen, Fakultät Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht.
  8. Clara Villegas-Palacio & Jessica Coria, 2010. "On the interaction between imperfect compliance and technology adoption: taxes versus tradable emissions permits," Journal of Regulatory Economics, Springer, vol. 38(3), pages 274-291, December.

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