Chaos and Misallocation under Price Controls (with 2 co-authors)
4 korrents from this paper
In plain words
When prices are frozen below market levels, sellers become indifferent about where to ship, so tiny cost differences send all supply to some markets and starve others completely. That feast-or-famine pattern creates losses from goods going to the wrong places that range from roughly one to nine times the usual loss from simply having less overall, calibrated to the 1973-74 U.S. gasoline crisis. It proves all-or-nothing outcomes are the normal result under price ceilings and gives bounds on the waste without assuming demand shapes, going past the standard quantity-loss measure and random-allocation benchmarks.
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