Transferable Licenses vs. Nontransferable Licences: What Is the Difference?
This paper questions the presumption that transferable quota licenses are worth more and result in higher welfare. We show that the price of a transferable license will tend to be higher than of its nontransferable counterpart only if the underlying quota is quite restrictive.
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|Date of creation:||1996|
|Contact details of provider:|| Postal: PENNSYLVANIA STATE UNIVERSITY, DEPARTMENT OF ECONOMICS, UNIVERSITY PARK PENNSYLVANIA 16802 U.S.A.|
Web page: http://econ.la.psu.edu/
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- Faini, R. & Melo, J. de & Takacs, W., 1992.
"A Primer on the MFA Maze,"
Research Papers by the Institute of Economics and Econometrics, Geneva School of Economics and Management, University of Geneva
92.15, Institut d'Economie et Econométrie, Université de Genève.
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