Econ Papers Daily / 期刊论文
市场的价值：许可证与配额市场中的异质性与贸易收益
The value of the market: Heterogeneity and gains from trade in permit and quota markets
摘要
Many quantity constraining policies are in place in market economies. Conditions for trade in these rights or obligations to produce can be politically sensitive policy choices. Benefits from trade, and so the value of the associated market, are determined by heterogeneity among potential traders. For a production quota setting with proportional reduction in production relative to an historic baseline, we compare tradable and non‐tradable implementations of the same aggregate constraint and investigate how heterogeneity among producer groups in initial production shares and/or supply elasticities affect the extent of gains from allowing trade in the quota. Given the demand elasticity and size of aggregate cut in production, the difference between the inverse of the share‐weighted harmonic mean and the arithmetic mean of elasticities is a summary statistic for the extent of gains from trade. Important determinants of gains are the variability in production elasticities among groups, as characterized by a mean‐preserving spread, and the covariance between production shares and group supply elasticities. Arguments are provided that this covariance should generally be negative, although a convex cost function with positive covariance is identified.
中文摘要
在许多市场经济体中，存在大量数量约束政策。对这些生产权利或义务进行交易的条件，可能是政治上敏感的政策选择。贸易带来的收益，从而相关市场的价值，取决于潜在交易者之间的异质性。对于相对于历史基线按比例削减产量的生产配额设定，我们比较了同一总量约束下可交易与不可交易的实施方式，并考察生产者群体在初始产量份额和/或供给弹性方面的异质性如何影响允许配额交易所带来的收益程度。给定需求弹性和产量总削减规模，弹性份额加权调和平均数的倒数与弹性算术平均数之间的差，是衡量贸易收益程度的一个概括性统计量。收益的重要决定因素包括各群体生产弹性的变异性——以均值保持扩散来刻画——以及产量份额与群体供给弹性之间的协方差。本文提出论据表明，这种协方差通常应为负，尽管也识别出一种具有正协方差的凸成本函数情形。