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Asymmetric Information and International Tradable Quota Treaties. An experimental evaluation

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Author Info
Morten Søberg () (Statistics Norway)
Abstract

This paper reports an experimental test of international quota trading on a market characterised by several dominant traders. Asymmetric information regarding quota demand and supply imply true market-clearing prices which differ from an expected competitive quota price. However, in the experiment the expected price level emerges as a focal point on which the bulk of quota trade contracts are keyed. Thus, incomplete price discovery obtains.

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Paper provided by Research Department of Statistics Norway in its series Discussion Papers with number 248.

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Date of creation: Feb 1999
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Handle: RePEc:ssb:dispap:248

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Related research
Keywords: Asymmetric information; tradable quotas; experimental Economics.;

Find related papers by JEL classification:
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water
C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General

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  1. Jamison, Julian C. & Plott, Charles R., 1997. "Costly offers and the equilibration properties of the multiple unit double auction under conditions of unpredictable shifts of demand and supply," Journal of Economic Behavior & Organization, Elsevier, vol. 32(4), pages 591-612, April. [Downloadable!] (restricted)
  2. Barrett, Scott, 1994. "Self-Enforcing International Environmental Agreements," Oxford Economic Papers, Oxford University Press, vol. 46(0), pages 878-94, Supplemen. [Downloadable!] (restricted)
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