GASOLINE RATIONING AND MARKET PRICING: PUBLIC CHOICE IN POLITICAL ECONOMY

An attempt is made to explain the apparent political support for the price control-rationing proposals over alternative policy choices. The public choice approach to the theory of economic policy is used to explain the behavior of politicians in terms of response to the interest of their constituents. Simplified models are used to develop arguments concerning consumer awareness in the current oil crisis. The first model considers a setting with identical consumers and the other, a more realistic model, allows for differences amoung consumers in quanities purchased. Potential compensation is discussed, and price control rationing and market adjustment alternatives are considered.

• Corporate Authors:

  Atlantic Economic Society

  ,    
• Authors:
  • Buchanan, J M
  • Tideman, T N
• Publication Date: 1974-11

Media Info

• Features: References;
• Pagination: p. 15-26
• Serial:
  • Atlantic Economic Journal
  • Volume: 2
  • Issue Number: 2
  • Publisher: Atlantic Economic Society

Subject/Index Terms

• TRT Terms: Consumers; Economics; Employee compensation; Energy; Energy resources; Fuel consumption; Gasoline; Markets; Mathematical models; Politics; Prices; Public opinion; Rationing
• Uncontrolled Terms: Compensation; Energy crisis; Models
• Old TRIS Terms: Substitutes
• Subject Areas: Economics; Energy; Highways; Safety and Human Factors; Society;

Filing Info

• Accession Number: 00096218
• Record Type: Publication
• Files: TRIS
• Created Date: Jul 2 1975 12:00AM