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The design, testing and implementation of Virginia's NOx allowance auction

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Author Info
Porter, David
Rassenti, Stephen
Shobe, William
Smith, Vernon
Winn, Abel

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Abstract

We report on the design and testing of three auction mechanisms to maximize revenue and efficiency in the sale of two vintages of nitrous oxide emission allowances by the Commonwealth of Virginia in 2004. The three mechanisms considered were a combinatorial sealed bid (CSB) auction, a sequential English clock (SEC) auction, and a combinatorial English clock (CEC) auction. We find the SEC and CEC mechanisms to be superior the CSB when demand is relatively elastic.

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Publisher Info
Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

Volume (Year): 69 (2009)
Issue (Month): 2 (February)
Pages: 190-200
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Handle: RePEc:eee:jeborg:v:69:y:2009:i:2:p:190-200

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Related research
Keywords: Tradeable emission allowances Combinatorial auctions Experimental economics;

Cited by:
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  1. Burtraw, Dallas & Goeree, Jacob & Holt, Charles A. & Myers, Erica & Palmer, Karen & Shobe, William, 2008. "Collusion in Auctions for Emission Permits: An Experimental Analysis," Discussion Papers dp-08-36, Resources For the Future. [Downloadable!]
  2. Andrew Reeson & Karel Nolles, 2009. "Experimental Economics: Applications to Environmental Policy," Socio-Economics and the Environment in Discussion (SEED) Working Paper Series 2009-03, CSIRO Sustainable Ecosystems. [Downloadable!]
  3. Burtraw, Dallas & Palmer, Karen, 2006. "Summary of the Workshop to Support Implementing the Minimum 25 Percent Public Benefit Allocation in the Regional Greenhouse Gas Initiative," Discussion Papers dp-06-45, Resources For the Future. [Downloadable!]
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