Scandinavian Working Papers in Economics
Discussion Papers,
Statistics Norway, Research Department
No 248: Asymmetric Information and International Tradable Quota Treaties. An experimental evaluation
Morten Søberg ()
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Morten Søberg: Statistics Norway
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.
JEL-codes: D82; Q25; C90 February 1999
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