Bogetoft, Peter; Jensen, Peter Max Friis; Nielsen, Kurt; … - Institut for Fødevare- og Ressourceøkonomi, … - 2002
This paper analyzes the design of the Danish milk quota exchange. We focus on the restriction that each producer can only submit a single bid (a quantity and a price limit). We argue that this restriction creates inefficiencies for two reasons. First, a single bid cannot express a buyer's...