Asymmetric Information and International Tradable Quota Treaties. An experimental evaluation

This paper reports an experimental test of international quota trading on a market characterised by several dominant traders. Asymmetric information regarding quota demand and supply imply true market-clearing prices which differ from an expected competitive quota price. However, in the experiment the expected price level emerges as a focal point on which the bulk of quota trade contracts are keyed. Thus, incomplete price discovery obtains.

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Year of publication:	1999
Authors:	Søberg, Morten
Publisher:	Oslo : Statistics Norway, Research Department
Subject:	Asymmetric information \| tradable quotas \| experimental Economics.

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Series:	Discussion Papers ; 248
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	hdl:10419/192231 [Handle] RePEc:ssb:dispap:248 [RePEc]
Classification:	D82 - Asymmetric and Private Information ; Q25 - Water ; C90 - Design of Experiments. General
Source:	EconStor

Persistent link: https://www.econbiz.de/10011968019