Abstract
The Buchanan and Tideman (B/T) geometric analysis (Atlantic Economic J., 2 (1974)) is shown to overestimate consumer surplus resulting from price control because of subsequent shifts in supply. An extension of the model reduces the surplus even more when it considers the voter's costs of subsidizing imported oil and conducting a rationing program. The effects of the Windfall Profits Tax are also overestimated by the B/T analysis because voters will not support policies that will ultimately injure them. Voters will support controls only until they become aware of how supplies respond to price. 5 references. (DCK)
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