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Price Controls and the Behavior of Auction Markets: An Experimental Examination

Isaac, R. Mark and Plott, Charles R. (1981) Price Controls and the Behavior of Auction Markets: An Experimental Examination. American Economic Review, 71 (3). pp. 448-459. ISSN 0002-8282.

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Price ceilings and price floors are common in all market systems. The ancient Greeks and Hellenistic era Egyptians are known to have utilized price controls (see H. Michele, p. 272, and J. P. Levy, p. 41), and numerous public policy questions today involve them. Apparently for as long as price controls have existed, their effects have been debated. For example, Diocletion's favorable view of his price ceilings' was disputed by the religious philosopher, Lactantius, who charged that the policy led to "scarcity and... low grade articles" (p. 145).

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Additional Information:© 1981 American Economic Association. Reprinted in Experimental Economics, edited by Vernon L. Smith, chapter 8, pp. 187-198. Edward Elgar Publishing Ltd, U.K., 1990. The financial support of the National Science Foundation and the Caltech Program for Enterprise and Public Policy is gratefully acknowledged. We thank Julie Laherty for her comments on an earlier draft
Group:Social Science Working Papers
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Caltech Program for Enterprise and Public PolicyUNSPECIFIED
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Social Science Working Paper253
Issue or Number:3
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Official Citation:Price Controls and the Behavior of Auction Markets: An Experimental Examination R. Mark Isaac and Charles R. Plott The American Economic Review , Vol. 71, No. 3 (Jun., 1981) , pp. 448-459 Published by: American Economic Association Article Stable URL:
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:43906
Deposited By: Susan Vite
Deposited On:20 Feb 2014 21:38
Last Modified:03 Oct 2019 06:12

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