Using history dependence to design a dynamic tradeable quota system under market imperfections |
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Authors: | Claire W Armstrong |
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Institution: | 1.Department of Economics and Management, Norwegian College of Fishery Science,University of Troms?,Troms?,Norway |
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Abstract: | A transferable quota system is analysed in a two-period model with market power. So far, the management mechanisms presented
in the literature to remedy market power have either not succeeded in securing efficiency in the distribution of quota within and across time periods, or have resulted in only one of the two inefficiencies being eliminated. In this paper a new mechanism is introduced where
allocation of quota is made dependent upon historic quota acquisitions. This opens for a trade-off between distributional
and time efficiency, or under specific circumstances securing overall efficiency.
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Keywords: | Transferable quota Market imperfection History dependence |
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