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| Author: | Wirl, F. |
| Title: | Oligopoly meets oligopsony: The case of permits |
| Journal: | Journal of Environmental Economics and Management
2009 : NOV, VOL. 58:3, p. 329-337 |
| Index terms: | equilibrium analysis models markets oligopoly |
| Freeterms: | oligopsony permit markets |
| Language: | eng |
| Abstract: | This paper derives market equilibria between oligopolists and oligopsonists in a market with intermediates and no competition in final markets. This theme has not yet been explored, despite two findings: 1. the commonly applied framework of non-competitive (henceforth as: non-cmpt.) and competitive fringe firms has improbable properties for the limit of merely strategic players. 2. real world cases correspond even potentially to such strategic interactions, e.g. non-cmpt. players selling and buying permits (CO2 and SO2). The main implications are that the non-cmpt. markets are characterized by a kind of double marginalization resulting in too little trade and wrong price signals. |
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