000 02618cam a2200421 i 4500
001 rnd000000000047115
003 RAND
008 920212s1981 caua a b b000 0 eng d
010 _a81010713
020 _a0833003321 (pbk.)
027 _aRAND/R-2634-DOE/RC
035 _a(Sirsi) a188080
037 _c$23.00
040 _aCstmoR
_cCstmoR
043 _an-us---
050 4 _aHD9560.6
_b.C29 1981
100 1 _aCamm, Frank A.,
_d1949-
_eauthor.
245 1 0 _aResource allocation under the COWPS price guideline :
_bthe case of fixed proportions /
_cFrank Camm, Charles E. Phelps, P. J. E. Stan.
246 3 _aResource allocation under the Council of Wage and Price Stability price guideline
264 1 _aSanta Monica, CA :
_bRAND,
_c1981.
300 _axv, 45 pages :
_billustrations ;
_c28 cm
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
337 _aunmediated
_bn
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
338 _avolume
_bnc
_2rdacarrier
500 _a"May 1981."
504 _aIncludes bibliographical references (p. 45).
520 _aEvidence points toward the Council of Wage and Price Stability (COWPS) price guidelines as the constraint causing U.S. petroleum refinery shortages during 1979-1980. This report develops the theory of a profit-maximizing firm's behavior when complying with a COWPS-like restraint. Results include: (1) When the production technology displays a certain type of fixed proportions (as appears relevant for refineries), shortages can--but need not--emerge. (2) Product output decreases in response to the COWPS control, causing market prices to rise. (3) Product supply diminishes as market demand increases. (4) Use of some factors, e.g., crude oil, increases as factor prices increase, which, because of fixed proportions, implies expanded product output. (5) Product mix likely shifts towards lower-grade products. (6) Dispersion of product prices across firms increases. (7) Relative product prices for a multiproduct firm become indeterminant. Casual empirical evidence supports the relevance of this theory.
530 _aAlso available on the internet via WWW in PDF format.
588 _aDescription based on print version record.
650 0 _aPetroleum industry and trade
_xGovernment policy
_zUnited States.
650 0 _aPetroleum products
_xPrices
_zUnited States.
700 1 _aPhelps, Charles E.
_eauthor.
700 1 _aStan, Peter J. E.,
_d1955-
_eauthor.
710 2 _aRand Corporation.
710 1 _aUnited States.
_bDepartment of Energy.
856 4 1 _yOnline Access
_uhttp://www.rand.org/pubs/reports/R2634/
999 _c599608
_d599608