Price Gouging In A Hurricane: Do Free Market Forces Circumvent Price Controls?
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Keywords
Price Gouging, Free Market Forces, Government Price Controls, Gasoline Prices, Emergency, Hurricane
Abstract
This study analyzes gasoline prices in Florida and Georgia before and after Hurricane Irma, a major weather event that affected both states in 2017. The analysis reveals that gasoline prices in both states increased and stabilized well in advance of state of emergency declarations that triggered the states’ price gouging laws. Price gouging laws thus appear to be inconsequential. Free market forces determine prices unhindered by government price controls during hurricane emergencies.
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Jesse T. Wright, Florida Gulf Coast University
Jesse T. Wright. Jesse Wright graduated from Florida State University with a Ph.D. in Economics and now teaches
economics at Florida Gulf Coast University.
Raymond L. Placid, Florida Gulf Coast University
Raymond L. Placid. Raymond Placid is a Professor of Accounting at Florida Gulf Coast University.
Marcus T. Allen, Florida Gulf Coast University
Marcus T. Allen. Tim Allen holds the Alico Chair in Finance at Florida Gulf Coast University.