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Transactions Costs in Tradable Permit Markets: An Experimental Study of Pollution Market Designs

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Author Info
Cason, Timothy N
Gangadharan, Lata

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Abstract

Regulators' choices of market rules and permit allocations influence tradable emission permit programs. This paper uses laboratory experiments to study how transaction costs interact with permit allocations to determine the cost-effectiveness of emissions abatement. With positive transaction costs, in theory the initial distribution of permits can affect both abatement costs and equity. Consistent with theory, we find that with declining marginal transaction costs prices deviate less from the efficient level if the "misallocation" of the initial permit distribution is greater, and the deviation from efficient prices does not vary with the initial permit endowment when marginal transaction costs are constant. Copyright 2003 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Journal of Regulatory Economics.

Volume (Year): 23 (2003)
Issue (Month): 2 (March)
Pages: 145-65
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Handle: RePEc:kap:regeco:v:23:y:2003:i:2:p:145-65

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Web page: http://www.springerlink.com/link.asp?id=100298

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  1. Ando, Amy & Harrington, Winston & McConnell, Virginia D., 2007. "Fees in an Imperfect World: An Application to Motor Vehicle Emissions," Discussion Papers dp-07-34, Resources For the Future. [Downloadable!]
  2. repec:mop:credwp:06.02.63 is not listed on IDEAS
  3. Olivier Rousse & Benoît Sévi, 2005. "Behavioral Heterogeneity in the US Sulfur Dioxide Emissions Allowance Trading Program," ERSA conference papers ersa05p550, European Regional Science Association. [Downloadable!]
  4. Nguyen, Nga & Shortle, James, 2006. "Transactions Costs and Point-Nonpoint Source Water Pollution Trading," 2006 Annual meeting, July 23-26, Long Beach, CA 21096, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  5. Larson, Donald F. & Breustedt, Gunnar, 2007. "Will markets direct investments under the Kyoto Protocol ?," Policy Research Working Paper Series 4131, The World Bank. [Downloadable!]
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