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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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  • Nguyen, Trien T & Whalley, John, 1990. "General Equilibrium Analysis of Price Controls: A Computational Approach," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(3), pages 667-684, August.
    • Handle: RePEc:ier:iecrev:v:31:y:1990:i:3:p:667-84
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    Cited by:

    1. Herings, P. Jean-Jacques & van der Laan, Gerard & Talman, Dolf, 2009. "Equilibria with coordination failures," Journal of Mathematical Economics, Elsevier, vol. 45(1-2), pages 23-37, January.
    2. Brennan Platt, 2009. "Queue-rationed equilibria with fixed costs of waiting," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 40(2), pages 247-274, August.
    3. Herings, P. Jean-Jacques, 2018. "Equilibrium and matching under price controls," Journal of Economic Theory, Elsevier, vol. 177(C), pages 222-244.
    4. Babenko, R. & Talman, A.J.J., 2006. "Quantity Constrained General Equilibrium," Other publications TiSEM 393bf7c1-3045-4a3b-b3c3-5, Tilburg University, School of Economics and Management.
    5. Herings, P Jean-Jacques, 1996. "Equilibrium Existence Results for Economies with Price Rigidities," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 7(1), pages 63-80, January.
    6. Herings, P.J.J., 1994. "A globally and universally stable quantity adjustment process for an exchange economy with price rigidities," Discussion Paper 1994-111, Tilburg University, Center for Economic Research.
    7. P. Jean-Jacques Herings, 1997. "Endogenously determined price rigidities (*)," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 9(3), pages 471-498.

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