Welfare Losses in Disequilibrium Markets: An Empirical Illustration
研究了价格无法使供需相等时市场的部分福利损失，以消费者剩余和生产者剩余之和的差额衡量，并考虑了价格事前确定而供需受随机冲击的情况，以瑞典木材市场为例。
Measures of partial welfare losses are derived for markets where the price may fail to equate demand and supply. The welfare loss is measured as the difference between the sum of consumer surplus and producer surplus when going from a disequilibrium regime to an equilibrium regime. A complication, and special feature, of the analysis is an assumption that the price is determined ex ante by the intersection of expected supply and demand. Ex post, however, both demand and supply are exposed to stochastic shocks. This means that since the price is fixed ex ante, the expected loss depends not only on deterministic demand supply shifts, but also on the distribution of the stochastic elements. The Swedish timber market is used as an empirical illustration. Copyright 1993 by The editors of the Scandinavian Journal of Economics.