the determinateness of the utility function

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1、MARKETPOWERANDTRANSFERABLEPROPERTYRIGHTS*ROBERTW.HAHNTheappealofusingmarketsasameansofallocatingscarceresourcesstemsinlargepartfromtheassumptionthatamarketwillapproximatethecompetitiveideal.Whencompetitionisnotaforegoneconclusion,thequestionnaturallyarisesDownloadedf

2、romastohowafirmmightmanipulatethemarkettoitsownadvantage.Thispaperanalyzestheissueofmarketpowerinthecontextofmarketsfortransferablepropertyrights.First,amodelisdevelopedthatexplainshowasinglefirmwithmarketpowermightexerciseitsinfluence.Thisisfollowedbyanexaminationof

3、themodelinthecontextofaparticularpolicyproblemthecontrolofparticulatesulfatesintheLosAngelesregion.http://qje.oxfordjournals.org/I.INTRODUCTIONTheideaofimplementingamarkettorationagivenquantityofresourcesisbynomeansnovel.Workingexamplesincludemarketsfortaximedallions

4、andliquorlicenses.Suggestedap-plicationsfortheuseofamarketapproachaboundintheeco-atHarvardUniversityLibraryonDecember5,2012nomicsliterature,especiallyinthefieldsofairandwaterpol-lution.'Whyhastheideaofsettingupamarketintransferablepropertyrightsreceivedsomuchattentio

5、n?Onekeyreason,andthereasonwhichmotivatesthispaper,isthatsuchmarketshavethepotentialtoachieveagivenobjectiveinacost-effectiveman-ner.Whetherthispotentialisrealizeddepends,amongotherthings,onthedesignofthemarketandtheextenttowhichindividualfirmscanexertasignificantinf

6、luenceonthemarket.Thepurposeofthispaperwillbetoexplorehowtheinitialdistributionofpropertyrightscanleadtoinefficiencies.SectionIIdevelopsthebasicmodelforthecaseinwhichonefirmcaninfluencethemarket.SectionIIIconsidersapotentialapplicationofthemodel.Theresultsofthetheore

7、ticalanalysisarethen*TheworkreportedherewassupportedbytheEnvironmentalQualityLab-oratoryatCaltechandtheCaliforniaAirResourcesBoard.IwouldliketothankJimQuirk,RogerNoll,JenniferReinganum,andRobertDorfmanforprovidinghelpfulcomments.Theviewsexpressedherein,includinganyre

8、mainingerrors,aresolelytheresponsibilityoftheauthor.1.Tietenberg[1980]providesacomprehensivesurveyoftheapplicationofmarketablepermi