Working Papers in Economics,
University of Bergen, Department of Economics

Abstract: Cournot-type models of markets in property rights typically feature strategists–acting at a first stage–followed by the move of a non-empty marketclearing competitive fringe. So, which agents can presumably be assigned the price-taking role? When simulating the upcoming medium-sized market for greenhouse gas emissions permits under the Kyoto Protocol, no answer to this question stands out as satisfactory. As an escape, trade is instead construed as a two-stage noncooperative cooperative game in which all agents act on both stages, allowing everyone to be a strategist.

Keywords: Cournot oligopoly; competitive fringe; market games; property rights; emissions trading; Kyoto Protocol.

JEL-codes: C72; D43; D51; Q58

20 pages, April 5, 2005

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