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Market Power and Transferable Property Rights

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  • Hahn, Robert W.

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.
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Suggested Citation

  • Hahn, Robert W., 1982. "Market Power and Transferable Property Rights," Working Papers 402, California Institute of Technology, Division of the Humanities and Social Sciences.
  • Handle: RePEc:clt:sswopa:402
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    File URL: http://www.hss.caltech.edu/SSPapers/sswp402.pdf
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