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Informe Técnico de Consultoría ASPECTOS CONCEPTUALES Y ...

Informe Técnico de Consultoría ASPECTOS CONCEPTUALES Y ...

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AUTOR (ES):TITULOAÑO 1998REFERENCIABIBLIOGRAFICAIDIOMAPALABRAS CLAVESRESUMENDIRECCIÓN DE ACCESOELECTRÓNICOKerr, Suzi; Maré, DavidTransaction Costs and Tradable Permit Markets: The UnitedStates Lead PhasedownInglésWe econometrically estimate the effect of transaction costson the cost-effectiveness of the tradable permit marketcreated during the US lead phasedown. We <strong>de</strong>velop amethodology to i<strong>de</strong>ntify transaction costs in the absence ofprice data. We find that refineries generally tra<strong>de</strong> efficiently.We also, however, find evi<strong>de</strong>nce that transaction costs affecttrading. We find evi<strong>de</strong>nce that refineries are less likely totra<strong>de</strong> in cases where theory suggests they will face hightransaction costs. The data were collected from 30 major oilcompanies and inclu<strong>de</strong> the trading partners and quantitiestra<strong>de</strong>d for all permit tra<strong>de</strong>s carried out by each of 87refineries over 8 quarters.http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1082596A-41

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