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Environmental rights on the futures markets an application to the dutch manure market

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  • J. Pennings
  • M. Meulenberg
  • W. Heijman

Abstract

A study was carried out to analyze futures markets for tradable rights after a cash market was initiated. Furthermore, some indication was given on the size of such a futures market to provide insight into its viability. Futures markets can play a role in solving environmental problems, by making the market for pollution rights (i.e. P 2 O 5 rights) and agro rights (milk rights, sugar rights and P 2 O 5 rights) more effective and transparent. Moreover, the market for tradable rights would be able to meet the users' need for hedging. This paper investigated the possibility of introducing a futures markets for tradable P 2 O 5 rights and the commodity manure. Because there is already a cash market for manure, although not well developed yet, and there will be a cash market for P 2 O 5 rights, a futures market is a logical sequel. The futures market can play a role in implementing agricultural policy efficiently and with respect to manure and P 2 O 5 rights can be an economically efficient solution to environmental problems. Copyright Kluwer Academic Publishers 1996

Suggested Citation

  • J. Pennings & M. Meulenberg & W. Heijman, 1996. "Environmental rights on the futures markets an application to the dutch manure market," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 7(1), pages 79-94, January.
    • Handle: RePEc:kap:enreec:v:7:y:1996:i:1:p:79-94
    DOI: 10.1007/BF00420428
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    References listed on IDEAS

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    1. Sandor, Richard L, 1973. "Innovation by an Exchange: A Case Study of the Development of the Plywood Futures Contract," Journal of Law and Economics, University of Chicago Press, vol. 16(1), pages 119-136, April.
    2. Robert W. Hahn, 1984. "Market Power and Transferable Property Rights," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 99(4), pages 753-765.
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    1. Joost Pennings & Willem Heijman & Matthew Meulenberg, 1997. "The Dimensions of Rights: A Classification of Environmental Rights and Production Rights," European Journal of Law and Economics, Springer, vol. 4(1), pages 55-72, January.

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