Asymmetric Information and International Tradable Quota Treaties. An experimental evaluation

Morten Søberg ()
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Morten Søberg: Statistics Norway, https://www.ssb.no/en/forskning/ansatte

Discussion Papers from Statistics Norway, Research Department

Abstract: 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.

Keywords: Asymmetric information; tradable quotas; experimental Economics. (search for similar items in EconPapers)
JEL-codes: C90 D82 Q25 (search for similar items in EconPapers)
Date: 1999-02
New Economics Papers: this item is included in nep-exp
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Persistent link: https://EconPapers.repec.org/RePEc:ssb:dispap:248

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