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Market Power and Transferable Property Rights

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  • Robert W. Hahn

Abstract

The appeal of using markets as a means of allocating scarce resources stems in large part from the assumption that a market will approximate the competitive ideal. When competition is not a foregone conclusion, the question naturally arises as to how a firm might manipulate the market to its own advantage. This paper analyzes the issue of market power in the context of markets for transferable property rights. First, a model is developed that explains how a single firm with market power might exercise its influence. This is followed by an examination of the model in the context of a particular policy problem—the control of particulate sulfates in the Los Angeles region.

Suggested Citation

  • Robert W. Hahn, 1984. "Market Power and Transferable Property Rights," The Quarterly Journal of Economics, Oxford University Press, vol. 99(4), pages 753-765.
  • Handle: RePEc:oup:qjecon:v:99:y:1984:i:4:p:753-765.
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    File URL: http://hdl.handle.net/10.2307/1883124
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