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A Classroom Experiment About Tradable Permits

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  • Kilkenny, Maureen

Abstract

This article describes an experimental market designed for undergraduate classes in agricultural economics, environmental economics, public finance, or rural development. The experiment is a series of double-oral auctions that demonstrate private and social costs, externalities and market failures, and the efficiency of tradable permits relative to Pigouvian taxes. The novel feature is the non-pecuniary way that the negative production externality is mimicked in the classroom experiment. Details, instructions, and suggestions for how to tailor the experiment for different classes or purposes are included.

Suggested Citation

  • Kilkenny, Maureen, 2000. "A Classroom Experiment About Tradable Permits," Staff General Research Papers Archive 5241, Iowa State University, Department of Economics.
  • Handle: RePEc:isu:genres:5241
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    Cited by:

    1. Charles Holt & Erica Myers & Markus Wrake & Dallas Burtraw & Svante Mandell, 2010. "Teaching Opportunity Cost in an Emissions Permit Experiment," International Review of Economic Education, Economics Network, University of Bristol, vol. 9(2), pages 34-42.
    2. Timilsina, Raja Rajendra & Kotani, Koji, 2017. "Evaluating the potential of marketable permits in a framed field experiment: Forest conservation in Nepal," Journal of Forest Economics, Elsevier, vol. 29(PA), pages 25-37.
    3. Koji Kotani & Kenta Tanaka & Shunsuke Managi, 2014. "On the fundamental performance of a marketable permit system in a trader setting," Working Papers SDES-2014-2, Kochi University of Technology, School of Economics and Management, revised Oct 2014.
    4. Timilsina, Raja Rajendra & Kotani, Koji, 2017. "Evaluating the potential of marketable permits in a framed field experiment: Forest conservation in Nepal," Journal of Forest Economics, Elsevier, vol. 29(PA), pages 25-37.
    5. Koji Kotani & Kenta Tanaka & Shunsuke Managi, 2015. "Which performs better under a trader setting, double auction or uniform price auction?," Working Papers SDES-2015-17, Kochi University of Technology, School of Economics and Management, revised May 2015.

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