منابع مشابه
Legal Analysis of bank in the Iranian commercial market based on the theory of transaction costs
Understanding the necessity of establishing a bank in Iran requires a correct realizing of the mechanism of the money market in an era in which banks had no place or position. At that time distrusting on the borrower credits, lack of reliable information about the number and place of lenders, rising interest rates and the prevalence of high- interest borrowing were some of the costs that transa...
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Mechanism design provides a general paradigm for deriving legal rules and institutions that implement social objectives as equilibrium outcomes of interactions among strategic individuals with private information and endogenous transaction costs. This paper designs mechanisms that generalize Ronald Coase’s farmer-rancher example of nuisance law from his seminal article, “The Problem of Social C...
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Tradeable-permit systems are at the center of current interest and activity in market-based reforms of environmental policy, because these systems can offer significant advantages over conventional approaches to pollution control. Unfortunately, claims made for their relative costeffectiveness have often been exaggerated. Transaction costs, which are ubiquitous in these markets, reduce trading ...
متن کاملFull - information transaction costs ∗
In a world with private information and learning on the part of the market participants, the (positive) difference between the observed transaction price of an asset and the corresponding unobserved full-information price (the price that reflects private and public information about the asset) represents an ideal measure of market quality. We call this difference “full-information transaction c...
متن کاملThe costs of the Kyoto Protocol in the European Union
We estimate reference CO2 emission projections in the European Union, and quantify the economic impacts of the Kyoto commitment on Member States. We consider the case where each EU member individually meets a CO2 emissions target, applying a country-wide cap and trade system to meet the target but without trade among countries. We use a version of the MIT Emissions Prediction and Policy Analysi...
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ژورنال
عنوان ژورنال: Climate Policy
سال: 2003
ISSN: 1469-3062,1752-7457
DOI: 10.3763/cpol.2003.0332