Consignment auctions

Khezr, Peyman and MacKenzie, Ian A. (2017) Consignment auctions. Journal of Environmental Economics and Management, 87 42-51. doi:10.1016/j.jeem.2017.11.003

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Author Khezr, Peyman
MacKenzie, Ian A.
Title Consignment auctions
Journal name Journal of Environmental Economics and Management   Check publisher's open access policy
ISSN 0095-0696
1096-0449
Publication date 2017-11-28
Sub-type Article (original research)
DOI 10.1016/j.jeem.2017.11.003
Open Access Status File (Author Post-print)
Volume 87
Start page 42
End page 51
Total pages 24
Place of publication Maryland Heights, MO, United States
Publisher Academic Press
Language eng
Subject 2002 Economics and Econometrics
2308 Management, Monitoring, Policy and Law
Abstract This article investigates pollution permit consignment auctions. In this process firms obtain an initial endowment of permits that must be consigned to the auctioneer for sale. In the auction, firms bid for permits, obtain their equilibrium permit allocations, and receive revenue from their consigned permits. It has been proposed that this auction is politically attractive and generates clear price discovery. We provide the first theoretical analysis of this kind of auction. We show, in most cases, the auction does not provide a clear price signal. Our results have policy implications for many permit markets, including the California Cap-and-Trade Program.
Keyword Pollution permit auction
Consignment
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: eSpace Followup
School of Economics Publications
 
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Created: Fri, 01 Dec 2017, 11:06:53 EST by Alys Hohnen on behalf of School of Economics