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On fundamental performance of a marketable permits system in a trader setting: Double auction vs. uniform price auction
https://iuj.repo.nii.ac.jp/records/471
https://iuj.repo.nii.ac.jp/records/47138171a55-f1ff-46eb-bd6b-4e2007909cb8
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
EMS_2012_08 (874.2 kB)
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| Item type | 紀要論文 / Departmental Bulletin Paper(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2012-08-01 | |||||
| タイトル | ||||||
| タイトル | On fundamental performance of a marketable permits system in a trader setting: Double auction vs. uniform price auction | |||||
| タイトル | ||||||
| タイトル | On fundamental performance of a marketable permits system in a trader setting: Double auction vs. uniform price auction | |||||
| 言語 | en | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Marketable permits | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | economic experiments | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | double auction | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | uniform price auction | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | trader settings | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Marketable permits | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | economic experiments | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | double auction | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | uniform price auction | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | trader settings | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_6501 | |||||
| 資源タイプ | departmental bulletin paper | |||||
| 著者 |
小谷, 浩示
× 小谷, 浩示× 田中, 健太× 馬奈木, 俊介× Kotani, Koji× Tanaka, Kenta× Managi, Shunsuke |
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| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | The marketable permits systems have been widely suggested as a potential solution for environmental problems. A critical feature in the market is that an agent can be both sellers and buyers of permits, so-called "trader settings." Although properties of the marketable permits in non-trader settings are well-documented, little is known in a trader setting, particularly about how different auction mechanisms perform and how much each of them achieves efficiency. To answer the questions, we have designed and implemented two different auction mechanisms of trader settings for marketable permits in controlled laboratory experiments: (i) Double auction (DA), and (ii) Uniform price auction (UPA). To the best of our knowledge, this research is the first which designs and implements UPA for marketable permits in a trader setting, and makes a direct comparison with the performance of DA on the same ground. We obtain the following novel results: (1) UPA is more efficient than DA in a trader setting, which is in sharp contrast with the established result in non-trader settings, (2) UPA generates more stable price dynamics and (3) UPA induces subjects to reveal more truthfully about abatement costs for emissions through their trading behaviors. With these results, we conclude that UPA is more likely to work better than DA in a trader setting. | |||||
| 書誌情報 |
en : Economics & Management Series 発行日 2012-08-01 |
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