A Classroom Experiment About Tradable Permits
AbstractThis article describes an experimental market designed for undergraduate classes in agricultural economics, environmental economics, public finance, or rural development. The experiment is a series of double-oral auctions that demonstrate private and social costs, externalities and market failures, and the efficiency of tradable permits relative to Pigouvian taxes. The novel feature is the non-pecuniary way that the negative production externality is mimicked in the classroom experiment. Details, instructions, and suggestions for how to tailor the experiment for different classes or purposes are included.
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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 5241.
Date of creation: 01 Jan 2000
Date of revision:
Publication status: Published in Review of Agricultural Economics 2000, vol. 22 no. 2, pp. 586-606
Contact details of provider:
Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
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- Mandell, Svante & Holt, Chrles & Myers, Erica & Burtraw, Dallas & Wråke, Markus, 2009.
"Teaching Opportunity Cost in an Emissions Permit Experiment,"
2009:6, Swedish National Road & Transport Research Institute (VTI).
- Charles Holt & Erica Myers & Markus Wrake & Dallas Burtraw & Svante Mandell, 2010. "Teaching Opportunity Cost in an Emissions Permit Experiment," International Review of Economic Education, Economics Network, University of Bristol, vol. 9(2), pages 34-42.
- Holt, Charles & Myers, Erica & Wråke, Markus & Mandell, Svante & Burtraw, Dallas, 2009. "Teaching Opportunity Cost in an Emissions Permit Experiment," Discussion Papers dp-09-22, Resources For the Future.
- Cheung, Stephen L., 2003. "On the Use of Classroom Experiments in 'Aligned' Teaching," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 33(1), pages 61-72, March.
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