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Strategic markets in property rights without price-takers

Author

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  • Godal, Odd

    () (University of Bergen, Department of Economics)

Abstract

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.

Suggested Citation

  • Godal, Odd, 2005. "Strategic markets in property rights without price-takers," Working Papers in Economics 05/05, University of Bergen, Department of Economics.
  • Handle: RePEc:hhs:bergec:2005_005
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    File URL: http://www.uib.no/filearchive/No.%2005-05.pdf
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    More about this item

    Keywords

    Cournot oligopoly; competitive fringe; market games; property rights; emissions trading; Kyoto Protocol.;

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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