Showing 1 - 2 of 2
We advance a model of the tradable permit market and derive a pricing formula for contingent claims traded in the market in a general equilibrium framework. It is shown that prices of such contingent claims exhibit significantly different properties from those in the ordinary financial markets....
Persistent link: https://www.econbiz.de/10011197180
Persistent link: https://www.econbiz.de/10013556642