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Strategic markets in property rights without price-takers

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  • Godal, Odd

    (University of Bergen, Department of Economics)

Abstract

Cournot-type models of markets in property rights typically feature strategists–acting at a first stage–followed by the move of a non-empty marketclearing competitive fringe. So, which agents can presumably be assigned the price-taking role? When simulating the upcoming medium-sized market for greenhouse gas emissions permits under the Kyoto Protocol, no answer to this question stands out as satisfactory. As an escape, trade is instead construed as a two-stage noncooperative cooperative game in which all agents act on both stages, allowing everyone to be a strategist.

Suggested Citation

  • Godal, Odd, 2005. "Strategic markets in property rights without price-takers," Working Papers in Economics 05/05, University of Bergen, Department of Economics.
    • Handle: RePEc:hhs:bergec:2005_005
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    File URL: http://ekstern.filer.uib.no/svf/2005/No.%2004-05.pdf
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    References listed on IDEAS

    as
    1. Flam, S. D. & Jourani, A., 2003. "Strategic behavior and partial cost sharing," Games and Economic Behavior, Elsevier, vol. 43(1), pages 44-56, April.
    2. Carlo Carraro & Vito Fragnelli (ed.), 2004. "Game Practice and the Environment," Books, Edward Elgar Publishing, number 3344.
    3. S D Flåm & O Godal, 2005. "Affine Price Expectations and Equilibrium in Strategic Markets," Economics Discussion Paper Series 0505, Economics, The University of Manchester.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Eduard Hartwich & Alexander Rieger & Johannes Sedlmeir & Dominik Jurek & Gilbert Fridgen, 2023. "Machine economies," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-13, December.
    2. Wang, Xu & Zhu, Lei & Fan, Ying, 2018. "Transaction costs, market structure and efficient coverage of emissions trading scheme: A microlevel study from the pilots in China," Applied Energy, Elsevier, vol. 220(C), pages 657-671.
    3. Wang, Xu & Zhang, Xiao-Bing & Zhu, Lei, 2019. "Imperfect market, emissions trading scheme, and technology adoption: A case study of an energy-intensive sector," Energy Economics, Elsevier, vol. 81(C), pages 142-158.

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    More about this item

    Keywords

    Cournot oligopoly; competitive fringe; market games; property rights; emissions trading; Kyoto Protocol.;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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