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AUTOR (ES):Montero, Juan PabloTITULO Marketable pollution permits with uncertainty andtransaction costsAÑO 2006REFERENCIAResource and Energy Economics, Volume 20, Issue 1,BIBLIOGRAFICA March 1998, 27-50IDIOMAInglésPALABRAS CLAVES Pollution control; Marketable permns: Uncertainty;Transaction costsRESUMENIncreasing inlerest in the use of marketable permits forpollution control has become evident in recent years.Concern regarding teir performance still remains becauseempirical evidence has shown transaction costs anduncertainty to be slgnificant in past and exlsting marketablepermits programs. In this paper we develop theoretical andnumerical models tnat tnclude transaction costs anduncertamty (in trade approval) to show theirr effects onmarket performance (i.e., equilibnum price of permits andtrading volume) and aggregate control costs. We also showthat in the presence of transaction costs and uncertainty theinitial allocation of permits may not be neutral in terms ofefficiency. Furthermore, using a numerical model lar ahypothetical NOx trading program in which partcipantshave discrete control technology choices, we find thataggregate control costs and the equilibrium price of permitsare sensitive to the initial atlocation of permits, even forconstant marginal transaction costs and certainty.DIRECCIÓN DE ACCESOELECTRÓNICOA-50