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class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Apartment_price_control_in_Finland"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Apartment price control in Finland</span> </div> </a> <ul id="toc-Apartment_price_control_in_Finland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-"Coulter_law"_in_Australian_rules_football" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#"Coulter_law"_in_Australian_rules_football"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>"Coulter law" in Australian rules football</span> </div> </a> <ul id="toc-"Coulter_law"_in_Australian_rules_football-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Home_insurance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Home_insurance"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Home insurance</span> 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href="https://az.wikipedia.org/wiki/Maksimum_qiym%C9%99t_(iqtisadiyyat)" title="Maksimum qiymət (iqtisadiyyat) – Azerbaijani" lang="az" hreflang="az" data-title="Maksimum qiymət (iqtisadiyyat)" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/H%C3%B6chstpreis" title="Höchstpreis – German" lang="de" hreflang="de" data-title="Höchstpreis" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%91%CE%BD%CF%8E%CF%84%CE%B1%CF%84%CE%BF_%CF%8C%CF%81%CE%B9%CE%BF_%CF%84%CE%B9%CE%BC%CE%AE%CF%82" title="Ανώτατο όριο τιμής – Greek" lang="el" hreflang="el" data-title="Ανώτατο όριο τιμής" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EA%B0%80%EA%B2%A9_%EC%83%81%ED%95%9C" title="가격 상한 – Korean" lang="ko" hreflang="ko" data-title="가격 상한" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%AE%E0%A5%82%E0%A4%B2%E0%A5%8D%E0%A4%AF_%E0%A4%9B%E0%A4%A4" title="मूल्य छत – Hindi" lang="hi" hreflang="hi" data-title="मूल्य छत" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Cenas_griesti" title="Cenas griesti – Latvian" lang="lv" hreflang="lv" data-title="Cenas griesti" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Harga_bumbung" title="Harga bumbung – Malay" lang="ms" hreflang="ms" data-title="Harga bumbung" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-mn mw-list-item"><a href="https://mn.wikipedia.org/wiki/%D2%AE%D0%BD%D1%8D_%D1%85%D1%8F%D0%B7%D0%B3%D0%B0%D0%B0%D1%80%D0%BB%D0%B0%D0%BB%D1%82" title="Үнэ хязгаарлалт – Mongolian" lang="mn" hreflang="mn" data-title="Үнэ хязгаарлалт" data-language-autonym="Монгол" data-language-local-name="Mongolian" class="interlanguage-link-target"><span>Монгол</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Maximumprijs" title="Maximumprijs – Dutch" lang="nl" hreflang="nl" data-title="Maximumprijs" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Cena_maksymalna" title="Cena maksymalna – Polish" lang="pl" hreflang="pl" data-title="Cena maksymalna" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Maksimihinta" title="Maksimihinta – Finnish" lang="fi" hreflang="fi" data-title="Maksimihinta" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Pristak" title="Pristak – Swedish" lang="sv" hreflang="sv" 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group-imposed <a href="/wiki/Price_control" class="mw-redirect" title="Price control">price control</a>, or limit, on how high a price is charged for a product, commodity, or service. Governments use price ceilings to protect consumers from conditions that could make commodities prohibitively expensive. Such conditions can occur during periods of high inflation, in the event of an investment bubble, or in the event of <a href="/wiki/Monopoly" title="Monopoly">monopoly</a> ownership of a product, all of which can cause problems if imposed for a long period without controlled rationing, leading to <a href="/wiki/Shortage" title="Shortage">shortages</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources"><span title="This citation requires a reference to the specific page or range of pages in which the material appears. (August 2024)">page needed</span></a></i>]</sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability"><span title="The material near this tag needs to be fact-checked with the cited source(s). (August 2024)">verification needed</span></a></i>]</sup> Further problems can occur if a government sets unrealistic price ceilings, causing business failures, stock crashes, or even economic crises. On the other hand, price ceilings give a government to the power to prevent corporations from price gouging or otherwise setting prices that create negative outcomes for the government's society. </p><p>While price ceilings are often imposed by governments, there are also price ceilings that are implemented by non-governmental organizations such as companies, such as the practice of <a href="/wiki/Resale_price_maintenance" title="Resale price maintenance">resale price maintenance</a>. With resale price maintenance, a <a href="/wiki/Manufacturer" class="mw-redirect" title="Manufacturer">manufacturer</a> and its <a href="/wiki/Distributor" title="Distributor">distributors</a> agree that the distributors will sell the manufacturer's product at certain prices (resale price maintenance), at or below a price ceiling (maximum resale price maintenance) or at or above a <a href="/wiki/Price_floor" title="Price floor">price floor</a>. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Support">Support</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_ceiling&action=edit&section=1" title="Edit section: Support"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Isabella_Weber" title="Isabella Weber">Isabella Weber</a> and her colleagues argue for price caps to combat <a href="/wiki/Sellers%27_inflation" class="mw-redirect" title="Sellers' inflation">sellers' inflation</a>.<sup id="cite_ref-:7_2-0" class="reference"><a href="#cite_note-:7-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:5_3-0" class="reference"><a href="#cite_note-:5-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a> changed his mind and expressed interest in adding price caps to the toolkit to flight inflation.<sup id="cite_ref-:7_2-1" class="reference"><a href="#cite_note-:7-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Criticism">Criticism</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_ceiling&action=edit&section=2" title="Edit section: Criticism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Binding-price-ceiling.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Binding-price-ceiling.svg/300px-Binding-price-ceiling.svg.png" decoding="async" width="300" height="300" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Binding-price-ceiling.svg/450px-Binding-price-ceiling.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Binding-price-ceiling.svg/600px-Binding-price-ceiling.svg.png 2x" data-file-width="900" data-file-height="900" /></a><figcaption><a href="/wiki/Pricing" title="Pricing">Pricing</a>, quantity, and welfare effects of a binding price ceiling</figcaption></figure> <p>There is a substantial body of research showing that under some circumstances price ceilings can, paradoxically, lead to higher prices. The leading explanation is that price ceilings serve to coordinate collusion among suppliers who would otherwise compete on price. More precisely, firms forming a <a href="/wiki/Cartel" title="Cartel">cartel</a> becomes profitable by enabling nominally competing firms to act like a <a href="/wiki/Monopoly" title="Monopoly">monopoly</a>, limiting quantities and raising prices. However, forming a cartel is difficult because it is necessary to agree on quantities and prices, and because each firm will have an incentive to "cheat" by lowering prices to sell more than it agreed to. Antitrust laws make collusion even more difficult because of legal sanctions. Having a third party, such as a regulator, announce and enforce a maximum price level can make it easier for the firms to agree on a price and to monitor <a href="/wiki/Pricing" title="Pricing">pricing</a>. The regulatory price can be viewed as a <a href="/wiki/Focal_point_(game_theory)" title="Focal point (game theory)">focal point</a>, which is natural for both parties to charge. </p><p>One research paper documenting the phenomenon is Knittel and Stangel,<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> which found that in the 1980s United States, states that fixed an <a href="/wiki/Interest_rate_ceiling" title="Interest rate ceiling">interest rate ceiling</a> of 18 percent had firms charging a rate only slightly below the ceiling. States without an interest rate ceiling had interest rates that were significantly lower. The authors did not find any difference in costs that could explain the result. </p> <div class="mw-heading mw-heading2"><h2 id="Examples">Examples</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_ceiling&action=edit&section=3" title="Edit section: Examples"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Rent_control">Rent control</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_ceiling&action=edit&section=4" title="Edit section: Rent control"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:%22Help_Me_Keep_Prices_Down%22_-_NARA_-_513811.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cc/%22Help_Me_Keep_Prices_Down%22_-_NARA_-_513811.jpg/220px-%22Help_Me_Keep_Prices_Down%22_-_NARA_-_513811.jpg" decoding="async" width="220" height="92" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cc/%22Help_Me_Keep_Prices_Down%22_-_NARA_-_513811.jpg/330px-%22Help_Me_Keep_Prices_Down%22_-_NARA_-_513811.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cc/%22Help_Me_Keep_Prices_Down%22_-_NARA_-_513811.jpg/440px-%22Help_Me_Keep_Prices_Down%22_-_NARA_-_513811.jpg 2x" data-file-width="3000" data-file-height="1252" /></a><figcaption>"Pay no more than Ceiling Price," US poster during World War II</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:%22New_ceiling_price_lists_are_here%22_-_NARA_-_515063.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/dd/%22New_ceiling_price_lists_are_here%22_-_NARA_-_515063.jpg/170px-%22New_ceiling_price_lists_are_here%22_-_NARA_-_515063.jpg" decoding="async" width="170" height="222" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/dd/%22New_ceiling_price_lists_are_here%22_-_NARA_-_515063.jpg/255px-%22New_ceiling_price_lists_are_here%22_-_NARA_-_515063.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/dd/%22New_ceiling_price_lists_are_here%22_-_NARA_-_515063.jpg/340px-%22New_ceiling_price_lists_are_here%22_-_NARA_-_515063.jpg 2x" data-file-width="2293" data-file-height="3000" /></a><figcaption>"New ceiling price lists are here," US <a href="/wiki/Office_of_Price_Administration" title="Office of Price Administration">Office of Price Administration</a> during World War II</figcaption></figure> <p><a href="/wiki/Rent_Control" class="mw-redirect" title="Rent Control">Rent Controls</a> were instituted in the US in the 1940s by then-president <a href="/wiki/Franklin_D._Roosevelt" title="Franklin D. Roosevelt">Franklin D. Roosevelt</a> and his newly-formed <a href="/wiki/Office_of_Price_Administration" title="Office of Price Administration">Office of Price Administration</a>. The Office instituted price ceilings on a wide range of commodities, including rent controls that allowed returning World War II veterans and their families to afford housing. Following the predictions of economic models, this policy lowered the supply of rentable properties available to veterans. At the same time, there was an increase in homeownership and the number of homes for sale. This outcome could be explained by landowners converting their rentable property to sellable property, due to the financial unviability of rental markets and no incentive by the landowner to destroy their property or leave it vacant.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Apartment_price_control_in_Finland">Apartment price control in Finland</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_ceiling&action=edit&section=5" title="Edit section: Apartment price control in Finland"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to professors Niko Määttänen and Ari Hyytinen, price ceilings on <a href="/wiki/Helsinki" title="Helsinki">Helsinki</a> City <a href="/wiki/Hitas" title="Hitas">Hitas</a> apartments are highly inefficient economically. They cause queuing and discriminate against the handicapped, single parents, elderly, and others who are not able to queue for days. They cause inefficient allocation, as apartments are not bought by those willing to pay the most for them. Also, those who get an apartment are unwilling to leave it, even when their family or work situation changes, as they may not sell it at what they feel the market price should be. The inefficiencies increase apartment shortage and raise the market price of other apartments.<sup id="cite_ref-atb_6-0" class="reference"><a href="#cite_note-atb-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id=""Coulter_law"_in_Australian_rules_football"><span id=".22Coulter_law.22_in_Australian_rules_football"></span>"Coulter law" in Australian rules football</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_ceiling&action=edit&section=6" title="Edit section: "Coulter law" in Australian rules football"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Uniform <a href="/wiki/Wage_ceiling" class="mw-redirect" title="Wage ceiling">wage ceilings</a> were introduced in <a href="/wiki/Australian_rules_football" title="Australian rules football">Australian rules football</a> to address uneven competition for players. In the <a href="/wiki/Victorian_Football_League_(1897%E2%80%931989)" class="mw-redirect" title="Victorian Football League (1897–1989)">Victorian Football League</a> (VFL) a declining competitive balance followed a 1925 expansion that had affected clubs such as <a href="/wiki/Footscray_Football_Club" class="mw-redirect" title="Footscray Football Club">Footscray</a>, <a href="/wiki/Hawthorn_Football_Club" title="Hawthorn Football Club">Hawthorn</a> and <a href="/wiki/North_Melbourne_Football_Club" title="North Melbourne Football Club">North Melbourne</a>.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> The effects on financially weaker clubs were exacerbated in 1929 by the beginning of the <a href="/wiki/Great_Depression_in_Australia" title="Great Depression in Australia">Great Depression</a>. In 1930, a new ceiling system, formulated by VFL administrator George Coulter, stipulated that individual players were to be paid no more than <a href="/wiki/Australian_pound" title="Australian pound">A£</a>3 (approximately <a href="/wiki/Australian_dollar" title="Australian dollar">A$</a>243 in 2017) for a regular home-and-away match, that they must also be paid if they were injured, that they could be paid no more than A£12 (approximately A$975 in 2017) for a finals match, and that the wages could not be augmented with other bonuses or lump-sum payments. The "Coulter law", as it became known, remained a strictly binding price ceiling through its history. </p><p>During its early years, the Coulter law adversely affected only a minority of players, such as stars and players at wealthier clubs. Those individuals experienced, in effect, a drastic cut in wages. For instance, from 1931 the ceiling payment of £3 per game fell below the legal minimum <a href="/wiki/Award_wage" class="mw-redirect" title="Award wage">award wage</a>.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> While players at the more successful clubs of the day, such as <a href="/wiki/Richmond_Football_Club" title="Richmond Football Club">Richmond</a>, had previously paid significantly higher average wages, clubs that were struggling financially often could not meet the ceiling under the Coulter law. Clubs with a longstanding <a href="/wiki/Amateur_sports" title="Amateur sports">amateur</a> ethos became significantly more competitive under the Coulter law, such as <a href="/wiki/Melbourne_Football_Club" title="Melbourne Football Club">Melbourne</a>, which had long attracted and retained players by indirect or non-financial incentives (such as finding players employment not related to football). The Coulter law led to at least one VFL star of the 1930s, <a href="/wiki/Ron_Todd_(footballer)" title="Ron Todd (footballer)">Ron Todd</a>, moving to the rival <a href="/wiki/Victorian_Football_Association" class="mw-redirect" title="Victorian Football Association">VFA</a>, because he was dissatisfied with the maximum pay that he could receive at <a href="/wiki/Collingwood_Football_Club" title="Collingwood Football Club">Collingwood</a>.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>As a result of World War II, the wage for a regular game was halved (to £1 and 10 shillings) for the 1942–45 seasons. After the war, the ceilings were modified several times in line with <a href="/wiki/Inflation" title="Inflation">inflation</a>. During the 1950s, the "Coulter law" was also blamed for shortening the careers of star players such as <a href="/wiki/John_Coleman_(Australian_footballer)" title="John Coleman (Australian footballer)">John Coleman</a> and <a href="/wiki/Brian_Gleeson_(Australian_rules_footballer)" class="mw-redirect" title="Brian Gleeson (Australian rules footballer)">Brian Gleeson</a>, as they and their clubs could not pay for the private <a href="/wiki/Surgery" title="Surgery">surgery</a> that the players required to continue their careers. The Coulter law was abolished in 1968. However, in 1987 a club-level <a href="/wiki/AFL_salary_cap" title="AFL salary cap">salary cap</a> was introduced by the VFL and has been retained by its successor, the <a href="/wiki/Australian_Football_League" title="Australian Football League">Australian Football League</a> (AFL). </p> <div class="mw-heading mw-heading3"><h3 id="Home_insurance">Home insurance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_ceiling&action=edit&section=7" title="Edit section: Home insurance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Climate_change_and_insurance_in_the_United_States" title="Climate change and insurance in the United States">Climate change and insurance in the United States</a></div> <p>On February 4, 2009, a <i><a href="/wiki/Wall_Street_Journal" class="mw-redirect" title="Wall Street Journal">Wall Street Journal</a></i> article stated, "Last month <a href="/wiki/State_Farm" title="State Farm">State Farm</a> pulled the plug on its 1.2 million homeowner policies in <a href="/wiki/Florida" title="Florida">Florida</a>, citing the state's punishing price controls.... State Farm's local subsidiary recently requested an increase of 47%, but state regulators refused. State Farm says that since 2000, it has paid $1.21 in claims and expenses for every $1 of premium income received."<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Venezuela">Venezuela</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_ceiling&action=edit&section=8" title="Edit section: Venezuela"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On January 10, 2006, a BBC article reported that since 2003, <a href="/wiki/Venezuela" title="Venezuela">Venezuela</a> President <a href="/wiki/Hugo_Ch%C3%A1vez" title="Hugo Chávez">Hugo Chávez</a> had been setting price ceilings on food and that the price ceilings had caused <a href="/wiki/Shortages" class="mw-redirect" title="Shortages">shortages</a> and <a href="/wiki/Hoarding#Human_Behavior" title="Hoarding">hoarding</a>.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> A January 22, 2008, article from <a href="/wiki/Associated_Press" title="Associated Press">Associated Press</a> stated, "Venezuelan troops are cracking down on the smuggling of food... the National Guard has seized about 750 tons of food.... Hugo Chavez ordered the military to keep people from smuggling scarce items like milk.... He's also threatened to seize farms and milk plants...."<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> On February 28, 2009, Chávez ordered the military to seize control of all the rice processing plants in the country temporarily and to force them to produce at full capacity. He alleged they had been avoiding doing so in response to the price caps.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>On January 3, 2007, an <i><a href="/wiki/International_Herald_Tribune" title="International Herald Tribune">International Herald Tribune</a></i> article reported that Chávez's price ceilings were causing shortages of materials used in the construction industry.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> According to an April 4, 2008, article from <a href="/wiki/CBS_News" title="CBS News">CBS News</a>, Chávez ordered the nationalization of the cement industry, which had been exporting its products to receive higher prices outside the country.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="UK_Default_tariff_energy_price_cap">UK Default tariff energy price cap</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_ceiling&action=edit&section=9" title="Edit section: UK Default tariff energy price cap"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Domestic_Gas_and_Electricity_(Tariff_Cap)_Act_2018" class="mw-redirect" title="Domestic Gas and Electricity (Tariff Cap) Act 2018">Domestic Gas and Electricity (Tariff Cap) Act 2018</a> (c. 21) introduced a default tariff energy price cap in England, Wales and Scotland as part of the <a href="/wiki/Energy_policy_of_the_United_Kingdom" title="Energy policy of the United Kingdom">UK's energy policy</a>, to safeguard the 11 million households on standard variable tariffs.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Sugar_in_Pakistan">Sugar in Pakistan</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_ceiling&action=edit&section=10" title="Edit section: Sugar in Pakistan"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Another example is a paper by Sen et al. that found that gasoline prices were higher in states that instituted price ceilings.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> Another example is the <a href="/wiki/Supreme_Court_of_Pakistan" title="Supreme Court of Pakistan">Supreme Court of Pakistan</a> decision regarding fixing a ceiling price for sugar at 45 <a href="/wiki/Pakistani_rupees" class="mw-redirect" title="Pakistani rupees">Pakistani rupees</a> per kilogram. Sugar disappeared from the market because of a cartel of sugar producers and the failure of the Pakistani government to maintain supply even in the stores that it owned. The imported sugar required time to reach the country, and it could be sold at the rate fixed by the Supreme Court of Pakistan. Eventually, the government went for a review petition in the Supreme Court and obtained the withdrawal of the earlier decision of the apex court. The market equilibrium was achieved at 55 to 60 rupees per kilogram.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (August 2024)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_ceiling&action=edit&section=11" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239009302">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output 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</div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_ceiling&action=edit&section=12" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFGregory2016" class="citation book cs1">Gregory, Mankiw, N. (5 December 2016). <i>Principles of macroeconomics</i> (8th ed.). Australia. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1305971509" title="Special:BookSources/978-1305971509"><bdi>978-1305971509</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/953710348">953710348</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Principles+of+macroeconomics&rft.place=Australia&rft.edition=8th&rft.date=2016-12-05&rft_id=info%3Aoclcnum%2F953710348&rft.isbn=978-1305971509&rft.aulast=Gregory&rft.aufirst=Mankiw%2C+N.&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrice+ceiling" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: location missing publisher (<a href="/wiki/Category:CS1_maint:_location_missing_publisher" title="Category:CS1 maint: location missing publisher">link</a>) CS1 maint: multiple names: authors list (<a href="/wiki/Category:CS1_maint:_multiple_names:_authors_list" title="Category:CS1 maint: multiple names: authors list">link</a>)</span></span> </li> <li id="cite_note-:7-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-:7_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:7_2-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCarter2023" class="citation magazine cs1">Carter, Zachary (6 June 2023). <a rel="nofollow" class="external text" href="https://www.newyorker.com/news/persons-of-interest/what-if-were-thinking-about-inflation-all-wrong">"What if We're Thinking About Inflation All Wrong?"</a>. <i>The New Yorker</i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0028-792X">0028-792X</a><span class="reference-accessdate">. Retrieved <span class="nowrap">29 August</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+Yorker&rft.atitle=What+if+We%27re+Thinking+About+Inflation+All+Wrong%3F&rft.date=2023-06-06&rft.issn=0028-792X&rft.aulast=Carter&rft.aufirst=Zachary&rft_id=https%3A%2F%2Fwww.newyorker.com%2Fnews%2Fpersons-of-interest%2Fwhat-if-were-thinking-about-inflation-all-wrong&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrice+ceiling" class="Z3988"></span></span> </li> <li id="cite_note-:5-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-:5_3-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSorkinMattuWarnerKessler2024" class="citation news cs1">Sorkin, Andrew Ross; Mattu, Ravi; Warner, Bernhard; Kessler, Sarah; Merced, Michael J. de la; Hirsch, Lauren; Mullin, Benjamin (16 August 2024). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2024/08/16/business/dealbook/harris-trump-war-on-prices.html">"The War on Prices Hits the Campaign Trail"</a>. <i>The New York Times</i>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0362-4331">0362-4331</a><span class="reference-accessdate">. Retrieved <span class="nowrap">29 August</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=The+War+on+Prices+Hits+the+Campaign+Trail&rft.date=2024-08-16&rft.issn=0362-4331&rft.aulast=Sorkin&rft.aufirst=Andrew+Ross&rft.au=Mattu%2C+Ravi&rft.au=Warner%2C+Bernhard&rft.au=Kessler%2C+Sarah&rft.au=Merced%2C+Michael+J.+de+la&rft.au=Hirsch%2C+Lauren&rft.au=Mullin%2C+Benjamin&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2024%2F08%2F16%2Fbusiness%2Fdealbook%2Fharris-trump-war-on-prices.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrice+ceiling" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">RK Knittel and V Stango ‘Price Ceilings as Focal points for Tacit Collusion: Evidence from Credit Cards’ (2003) 93 American Economic Review 1703–29.</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFetter2013" class="citation web cs1">Fetter, Daniel K. (16 September 2013). <a rel="nofollow" class="external text" href="https://economics.yale.edu/sites/default/files/fetter-130930.pdf">"The Home Front: Rent control and the rapid wartime increase in home ownership"</a> <span class="cs1-format">(PDF)</span>. Yale University. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150919201721/https://economics.yale.edu/sites/default/files/fetter-130930.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 19 September 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Home+Front%3A+Rent+control+and+the+rapid+wartime+increase+in+home+ownership&rft.pub=Yale+University&rft.date=2013-09-16&rft.aulast=Fetter&rft.aufirst=Daniel+K.&rft_id=https%3A%2F%2Feconomics.yale.edu%2Fsites%2Fdefault%2Ffiles%2Ffetter-130930.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrice+ceiling" class="Z3988"></span></span> </li> <li id="cite_note-atb-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-atb_6-0">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://blog.hse-econ.fi/?p=2246">Onko Hitas-järjestelmässä mitään järkeä?</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130508195053/http://blog.hse-econ.fi/?p=2246">Archived</a> 2013-05-08 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, professor Niku Määttänen 16.4.2010 & professor Ari Hyytinen 17.4.2010, Akateeminen talousblogi (in Finnish)</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.otemon.ac.jp/cas/pdf/30/anne.pdf">Daly Anne and Akira Kawaguchi; <i>Competitive Balance in Australian and Japanese Sport</i></a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20070928143012/http://www.otemon.ac.jp/cas/pdf/30/anne.pdf">Archived</a> 2007-09-28 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.buseco.monash.edu.au/eco/research/papers/2005/0205competitivebalancesports.pdf">Booth, Ross; Comparing Competitive Balance in Australian Sports Leagues, The AFL, NBL and NRL: Does The AFL's Team Salary Cap and Player Draft Measure Up?; p. 30</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20091005161335/http://www.buseco.monash.edu.au/eco/research/papers/2005/0205competitivebalancesports.pdf">Archived</a> 2009-10-05 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.fwc.gov.au/waltzing-matilda-and-the-sunshine-harvester-factory/historical-material/the-australian-minimum-wage">"The Australian minimum wage from 1906"</a>. 12 July 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Australian+minimum+wage+from+1906&rft.date=2019-07-12&rft_id=https%3A%2F%2Fwww.fwc.gov.au%2Fwaltzing-matilda-and-the-sunshine-harvester-factory%2Fhistorical-material%2Fthe-australian-minimum-wage&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrice+ceiling" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text">Main, Jim and Holmesby, Russell (editors); <i>The Encyclopedia of League Footballers</i> (1st edition); p. 438. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1-86337-085-4" title="Special:BookSources/1-86337-085-4">1-86337-085-4</a></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB123371173559046209">Florida's Unnatural Disaster</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170812140046/https://www.wsj.com/articles/SB123371173559046209">Archived</a> 2017-08-12 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Wall St. Journal, February 4, 2009</span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://news.bbc.co.uk/1/hi/business/4599260.stm">Venezuelan shoppers face food shortages</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140521164332/http://news.bbc.co.uk/1/hi/business/4599260.stm">Archived</a> 2014-05-21 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, BBC, January 10, 2006</span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.whotv.com/Global/story.asp?S=7759008&nav=2HAB">Venezuelan troops crack down on border smuggling</a><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged November 2017">permanent dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup>, Associated Press, January 22, 2008</span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20181120055207/https://www.wsj.com/articles/SB123588197770202929">Chavez Seizes Venezuelan Rice Plants</a>, Associated Press, February 28, 2009</span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.iht.com/articles/2007/01/03/business/chavez.php">Venezuelan businesses say Chávez's price controls create shortages</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090228223855/http://iht.com/articles/2007/01/03/business/chavez.php">Archived</a> 2009-02-28 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> International Heralrd Tribune, January 3, 2007</span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20090228223855/http://iht.com/articles/2007/01/03/business/chavez.php">Hugo Chavez Nationalizes Cement Industry</a>, CBS News, April 4, 2008.</span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMilligan2017" class="citation news cs1">Milligan, Brian (4 October 2017). <a rel="nofollow" class="external text" href="https://www.bbc.com/news/business-41499483">"Theresa May revives plan to cap energy prices"</a>. <i>BBC News</i><span class="reference-accessdate">. Retrieved <span class="nowrap">21 October</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BBC+News&rft.atitle=Theresa+May+revives+plan+to+cap+energy+prices&rft.date=2017-10-04&rft.aulast=Milligan&rft.aufirst=Brian&rft_id=https%3A%2F%2Fwww.bbc.com%2Fnews%2Fbusiness-41499483&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrice+ceiling" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text">A Sen, A Clemente, and L Jonker ‘Retail Gasoline Price Ceilings and Regulatory Capture: Evidence from Canada’ (2011) 13(2) American Law and Economics Review 532–64.</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Price_ceiling&action=edit&section=13" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRockoff2008" class="citation encyclopaedia cs1">Rockoff, Hugh (2008). <a rel="nofollow" class="external text" href="http://www.econlib.org/library/Enc/PriceControls.html">"Price Controls"</a>. In <a href="/wiki/David_R._Henderson" title="David R. Henderson">David R. Henderson</a> (ed.). <i><a href="/wiki/Concise_Encyclopedia_of_Economics" class="mw-redirect" title="Concise Encyclopedia of Economics">Concise Encyclopedia of Economics</a></i> (2nd ed.). Indianapolis: <a href="/wiki/Library_of_Economics_and_Liberty" class="mw-redirect" title="Library of Economics and Liberty">Library of Economics and Liberty</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0865976658" title="Special:BookSources/978-0865976658"><bdi>978-0865976658</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/237794267">237794267</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Price+Controls&rft.btitle=Concise+Encyclopedia+of+Economics&rft.place=Indianapolis&rft.edition=2nd&rft.pub=Library+of+Economics+and+Liberty&rft.date=2008&rft_id=info%3Aoclcnum%2F237794267&rft.isbn=978-0865976658&rft.aulast=Rockoff&rft.aufirst=Hugh&rft_id=http%3A%2F%2Fwww.econlib.org%2Flibrary%2FEnc%2FPriceControls.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3APrice+ceiling" class="Z3988"></span></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist 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title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Microeconomics" title="Special:EditPage/Template:Microeconomics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Microeconomics" style="font-size:114%;margin:0 4em"><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Major topics</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aggregation_problem" title="Aggregation problem">Aggregation</a></li> <li><a href="/wiki/Budget_set" title="Budget set">Budget set</a></li> <li><a href="/wiki/Consumer_choice" title="Consumer choice">Consumer choice</a></li> <li><a href="/wiki/Convexity_in_economics" title="Convexity in economics">Convexity</a> and <a href="/wiki/Non-convexity_(economics)" title="Non-convexity (economics)">non-convexity</a></li> <li><a href="/wiki/Economic_cost" title="Economic cost">Cost</a> <ul><li><a href="/wiki/Average_cost" title="Average cost">Average</a></li> <li><a href="/wiki/Marginal_cost" title="Marginal cost">Marginal</a></li> <li><a href="/wiki/Opportunity_cost" title="Opportunity cost">Opportunity</a> <ul><li><a href="/wiki/Implicit_cost" title="Implicit cost">Implicit</a></li></ul></li> <li><a href="/wiki/Social_cost" title="Social cost">Social</a></li> <li><a href="/wiki/Sunk_cost" title="Sunk cost">Sunk</a></li> <li><a href="/wiki/Transaction_cost" title="Transaction cost">Transaction</a></li></ul></li> <li><a href="/wiki/Cost%E2%80%93benefit_analysis" title="Cost–benefit analysis">Cost–benefit analysis</a></li> <li><a href="/wiki/Deadweight_loss" title="Deadweight loss">Deadweight loss</a></li> <li><a href="/wiki/Distribution_(economics)" title="Distribution (economics)">Distribution</a></li> <li><a href="/wiki/Economies_of_scale" title="Economies of scale">Economies of scale</a></li> <li><a href="/wiki/Economies_of_scope" title="Economies of scope">Economies of scope</a></li> <li><a href="/wiki/Elasticity_(economics)" title="Elasticity (economics)">Elasticity</a> <ul><li><a href="/wiki/Cross_elasticity_of_demand" title="Cross elasticity of demand">Cross elasticity of demand</a></li> <li><a href="/wiki/Income_elasticity_of_demand" title="Income elasticity of demand">Income elasticity of demand</a></li> <li><a href="/wiki/Price_elasticity_of_demand" title="Price elasticity of demand">Price elasticity of demand</a></li> <li><a href="/wiki/Price_elasticity_of_supply" title="Price elasticity of supply">Price elasticity of supply</a></li></ul></li> <li><a href="/wiki/Economic_equilibrium" title="Economic equilibrium">Equilibrium</a> <ul><li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General</a></li></ul></li> <li><a href="/wiki/Trade" title="Trade">Exchange</a></li> <li><a href="/wiki/Externality" title="Externality">Externality</a></li> <li><a href="/wiki/Theory_of_the_firm" title="Theory of the firm">Firms</a></li> <li><a href="/wiki/Goods_and_services" title="Goods and services">Goods and services</a> <ul><li><a href="/wiki/Goods" title="Goods">Goods</a></li> <li><a href="/wiki/Service_(economics)" title="Service (economics)">Service</a></li></ul></li> <li><a href="/wiki/Family_economics" title="Family economics">Household</a></li> <li><a href="/wiki/Income%E2%80%93consumption_curve" title="Income–consumption curve">Income–consumption curve</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Indifference_curve" title="Indifference curve">Indifference curve</a></li> <li><a href="/wiki/Intertemporal_choice" title="Intertemporal choice">Intertemporal choice</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/Market_failure" title="Market failure">Market failure</a></li> <li><a href="/wiki/Market_structure" title="Market structure">Market structure</a> <ul><li><a href="/wiki/Competition_(economics)" title="Competition (economics)">Competition</a> <ul><li><a href="/wiki/Monopolistic_competition" title="Monopolistic competition">Monopolistic</a></li> <li><a href="/wiki/Perfect_competition" title="Perfect competition">Perfect</a></li></ul></li> <li><a href="/wiki/Duopoly" title="Duopoly">Duopoly</a></li> <li><a href="/wiki/Monopoly" title="Monopoly">Monopoly</a> <ul><li><a href="/wiki/Bilateral_monopoly" title="Bilateral monopoly">Bilateral</a></li> <li><a href="/wiki/Complementary_monopoly" title="Complementary monopoly">Complementary</a></li></ul></li> <li><a href="/wiki/Monopsony" title="Monopsony">Monopsony</a></li> <li><a href="/wiki/Oligopoly" title="Oligopoly">Oligopoly</a></li> <li><a href="/wiki/Oligopsony" title="Oligopsony">Oligopsony</a></li></ul></li> <li><a href="/wiki/Pareto_efficiency" title="Pareto efficiency">Pareto efficiency</a></li> <li><a href="/wiki/Preference_(economics)" title="Preference (economics)">Preferences</a></li> <li><a href="/wiki/Price" title="Price">Price</a> <ul><li><a href="/wiki/Price_controls" title="Price controls">Price controls</a></li> <li><a class="mw-selflink selflink">Price ceiling</a></li> <li><a href="/wiki/Price_floor" title="Price floor">Price floor</a></li> <li><a href="/wiki/Price_discrimination" title="Price discrimination">Price discrimination</a></li> <li><a href="/wiki/Price_signal" title="Price signal">Price signal</a></li> <li><a href="/wiki/Price_system" title="Price system">Price system</a>/<a href="/wiki/Free_price_system" title="Free price system">Free</a></li> <li><a href="/wiki/Pricing" title="Pricing">Pricing</a></li></ul></li> <li><a href="/wiki/Production_set" title="Production set">Production</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Public_good_(economics)" title="Public good (economics)">Public goods</a></li> <li><a href="/wiki/Rationing" title="Rationing">Rationing</a></li> <li><a href="/wiki/Economic_rent" title="Economic rent">Rent</a></li> <li><a href="/wiki/Returns_to_scale" title="Returns to scale">Returns to scale</a></li> <li><a href="/wiki/Risk_aversion" title="Risk aversion">Risk aversion</a></li> <li><a href="/wiki/Scarcity" title="Scarcity">Scarcity</a></li> <li><a href="/wiki/Shortage" title="Shortage">Shortage</a>/<a href="/wiki/Excess_supply" title="Excess supply">Excess supply</a></li> <li><a href="/wiki/Substitution_effect" title="Substitution effect">Substitution effect</a></li> <li><a href="/wiki/Economic_surplus" title="Economic surplus">Surplus</a></li> <li><a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice</a></li> <li><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a> <ul><li><a href="/wiki/Demand" title="Demand">Demand</a>/<a href="/wiki/Law_of_demand" title="Law of demand">Law of demand</a></li> <li><a href="/wiki/Supply_(economics)" title="Supply (economics)">Supply</a>/<a href="/wiki/Law_of_supply" title="Law of supply">Law of supply</a></li></ul></li> <li><a href="/wiki/Uncertainty" title="Uncertainty">Uncertainty</a></li> <li><a href="/wiki/Utility" title="Utility">Utility</a> <ul><li><a href="/wiki/Expected_utility_hypothesis" title="Expected utility hypothesis">Expected</a></li> <li><a href="/wiki/Marginal_utility" title="Marginal utility">Marginal</a></li></ul></li> <li><a href="/wiki/Wage" title="Wage">Wage</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Subfields</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Statistical_decision_theory" class="mw-redirect" title="Statistical decision theory">Statistical decision theory</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering economics</a></li> <li><a href="/wiki/Engineering_economics_(civil_engineering)" title="Engineering economics (civil engineering)">Civil engineering economics</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Green_economy" title="Green economy">Green</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labor</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations of macroeconomics</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Mathematical_optimization" title="Mathematical optimization">Optimization</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">See also</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Microeconomics" title="Category:Microeconomics">Category</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Population" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Population" title="Template:Population"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Population" title="Template talk:Population"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Population" title="Special:EditPage/Template:Population"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Population" style="font-size:114%;margin:0 4em"><a href="/wiki/Population" title="Population">Population</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Major topics</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Demographics_of_the_world" title="Demographics of the world">Demographics of the world</a></li> <li><a href="/wiki/Demographic_transition" title="Demographic transition">Demographic transition</a></li> <li><a href="/wiki/Estimates_of_historical_world_population" title="Estimates of historical world population">Estimates of historical world population</a></li> <li><a href="/wiki/Population_growth" title="Population growth">Population growth</a></li> <li><a href="/wiki/Population_momentum" title="Population momentum">Population momentum</a></li> <li><a href="/wiki/Projections_of_population_growth" class="mw-redirect" title="Projections of population growth">Projections of population growth</a></li> <li><a href="/wiki/World_population" title="World population">World population</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Population_biology" title="Population biology">Population<br />biology</a></div></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Population_decline" title="Population decline">Population decline</a></li> <li><a href="/wiki/Population_density" title="Population density">Population density</a> <ul><li><a href="/wiki/Physiological_density" title="Physiological density">Physiological density</a></li></ul></li> <li><a href="/wiki/Population_dynamics" title="Population dynamics">Population dynamics</a></li> <li><a href="/wiki/Population_model" title="Population model">Population model</a></li> <li><a href="/wiki/Population_pyramid" title="Population pyramid">Population pyramid</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Population_ecology" title="Population ecology">Population<br />ecology</a></div></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Biocapacity" title="Biocapacity">Biocapacity</a></li> <li><a href="/wiki/Carrying_capacity" title="Carrying capacity">Carrying capacity</a></li> <li><span class="nowrap"><a href="/wiki/I_%3D_PAT" title="I = PAT">I = P × A × T</a></span></li> <li><a href="/wiki/Kaya_identity" title="Kaya identity">Kaya identity</a></li> <li><a href="/wiki/Malthusian_growth_model" title="Malthusian growth model">Malthusian growth model</a></li> <li><a href="/wiki/Overshoot_(population)" title="Overshoot (population)">Overshoot (population)</a></li> <li><a href="/wiki/World3" title="World3">World3 model</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Society and<br /> population</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Eugenics" title="Eugenics">Eugenics</a></li> <li><a href="/wiki/Dysgenics" title="Dysgenics"><i>Dys</i>genics</a></li> <li><a href="/wiki/Human_overpopulation" title="Human overpopulation">Human overpopulation</a> <ul><li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusian catastrophe</a></li></ul></li> <li><a href="/wiki/Human_population_planning" title="Human population planning">Human population planning</a> <ul><li><a href="/wiki/Compulsory_sterilization" title="Compulsory sterilization">Compulsory sterilization</a></li> <li><a href="/wiki/Family_planning" title="Family planning">Family planning</a></li> <li><a href="/wiki/One-child_policy" title="One-child policy">One-child policy</a></li> <li><a href="/wiki/Two-child_policy" title="Two-child policy">Two-child policy</a></li></ul></li> <li><a href="/wiki/Overconsumption_(economics)" title="Overconsumption (economics)">Overconsumption</a></li> <li><a href="/wiki/Political_demography" title="Political demography">Political demography</a></li> <li><a href="/wiki/Population_ethics" title="Population ethics">Population ethics</a> <ul><li><a href="/wiki/Antinatalism" title="Antinatalism">Antinatalism</a></li> <li><a href="/wiki/Mere_addition_paradox" title="Mere addition paradox">Mere addition paradox</a></li> <li><a href="/wiki/Natalism" title="Natalism">Natalism</a></li> <li><a href="/wiki/Non-identity_problem" class="mw-redirect" title="Non-identity problem">Non-identity problem</a></li> <li><a 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style="padding:0 0.25em"> <ul><li><a href="/wiki/Population_and_housing_censuses_by_country" title="Population and housing censuses by country">Population and housing censuses by country</a></li> <li><a href="/wiki/List_of_largest_cities" title="List of largest cities">Largest cities</a></li> <li><a href="/wiki/World_population_milestones" title="World population milestones">World population milestones</a> <ul><li><a href="/wiki/Day_of_Six_Billion" title="Day of Six Billion">6 billion</a></li> <li><a href="/wiki/Day_of_Seven_Billion" title="Day of Seven Billion">7</a></li> <li><a href="/wiki/Day_of_Eight_Billion" title="Day of Eight Billion">8</a></li></ul></li> <li><a href="/wiki/List_of_population_concern_organizations" title="List of population concern organizations">Population concern organizations</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Events and<br 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