THE EFFECT OF MONOPSONY POWER ON PRORATIONING AND UNITIZATION REGULATION OF THE COMMON POOL
Why this work is in the frame
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Bibliographic record
Abstract
Abstract For four decades beginning in the 1930s, the U.S. oil and gas industry was regulated by a quota‐supported price‐floor instrument known as prorationing. Most economists argue that unitization would have been a more efficient form of regulation. This paper studies how monopsony power held by integrated pipeline/refinery firms affects that conclusion. Absent regulation, the underproduction by monopsony dominates the overproduction from common‐property supply. Thus, unitization, which forces producers to internalize costs, causes output to be further restricted. In contrast, prorationing severs the price‐setting ability of the monopsonist, so can increase output to the first‐best. Under prorationing, at the first‐best output level, the marginal monopsony rents equal the Pigouvian output tax that solves the common‐property problem. Also discussed are the distribution of gains under prorationing and unitization as implemented.
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Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it