a theory of price control.pdfVIP

The University of Chicago A Theory of Price Control Author s : Steven N. S. Cheung Source: Journal of Law and Economics, Vol. 17, No. 1 Apr., 1974 , pp. 53-71 Published by: The University of Chicago Press Stable URL: /stable/724743 . Accessed: 16/04/2011 10:17 Your use of the JSTOR archive indicates your acceptance of JSTORs Terms and Conditions of Use, available at . / you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at . /action/showPublisher?publisherCode ucpress. . Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@. The University of Chicago Press and The University of Chicago are collaborating with JSTOR to digitize, preserve and extend access to Journal of Law and Economics. A THEORY OF PRICECONTROL* STEVEN N. S. CHEUNG University of Washington PRICE or rent control is but one of many forms of legislative action which interfere with private contracting in the market place. To delimit the scope of my analysis, I shall use the term pricecontrolto refer only to any set of regulations which satisfies the following three conditions. First, the control mustfix the termsof this price or income privatecontracts; categorically excludes any laws which regulate the distribution of income among the con- tracting parties on a share or percentage basis.2 Second, the contro