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Strategic markets in property rights without price-takers

Listed author(s):
  • Godal, Odd


    (University of Bergen, Department of Economics)

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    Cournot-type models of markets in property rights typically feature strategists–acting at a first stage–followed by the move of a non-empty marketclearing competitive fringe. So, which agents can presumably be assigned the price-taking role? When simulating the upcoming medium-sized market for greenhouse gas emissions permits under the Kyoto Protocol, no answer to this question stands out as satisfactory. As an escape, trade is instead construed as a two-stage noncooperative cooperative game in which all agents act on both stages, allowing everyone to be a strategist.

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    Paper provided by University of Bergen, Department of Economics in its series Working Papers in Economics with number 05/05.

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    Length: 20 pages
    Date of creation: 05 Apr 2005
    Handle: RePEc:hhs:bergec:2005_005
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    Institutt for økonomi, Universitetet i Bergen, Postboks 7802, 5020 Bergen, Norway

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