Demand uncertainty,competition, and ‘non-binding’ price controls |
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Authors: | Rex L Cottle Myles S Wallace |
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Institution: | Clemson University, Clemson, SC 29631, USA |
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Abstract: | In our paper, we will present a general model that demonstrate that a price floor or a price ceiling, although not effective at the existing market price, nevertheless alters the competitive equilibrium and leads to erroneous policy conclusions. |
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