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AUTOR (ES):Cason, Timothy; Gangadharan, LataTITULOTransactions Costs in Tradable Permit Markets: AnExperimental Study of Polluiton Market DesignsAÑO 2004REFERENCIAJournal of Regulatory Economics; 23:2 145-165, 2003BIBLIOGRAFICAIDIOMAInglésPALABRAS CLAVESRESUMENDIRECCIÓN DE ACCESOELECTRÓNICORegulators' choices of market rules and permit allocationsinfluence tradable emission permit programs. This paperuses laboratory experiments to study how transaction costsinteract with permit allocations to determine the costeffectivenessof emissions abatement. With positivetransaction costs, in theory the initial distribution of permitscan affect both abatement costs and equity. Consistent withtheory, we find that with declining marginal transaction costsprices deviate less from the efficient level if the"misallocation" of the initial permit distribution is greater,and the deviation from efficient prices does not vary with theinitial permit endowment when marginal transaction costsare constant.A-11