| Registro completo |
| Provedor de dados: |
AgEcon
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| País: |
United States
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| Título: |
Auction Experiments and Simulations of Milk Quota Exchanges
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| Autores: |
Brümmer, Bernhard
Loy, Jens-Peter
Requate, Till
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| Data: |
2010-05-02
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| Ano: |
2010
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| Palavras-chave: |
Double Auction
Experiment
Milk Quota
Germany
Institutional and Behavioral Economics
Research Methods/ Statistical Methods
L11
D44
Q13
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| Resumo: |
Since 2000 Germany has a fairly unique market mechanism to trade milk quotas between dairy farms. The two major features are: (1) a quasi auctioning system that produces excess demands which are covered by state reserves free of charge and (2) a price band is used to exclude high price bids. For both features an experimental design is developed to study their impact in comparison to a regular seller’s sealed bid double auction. Results show that both treatments lead to significant misallocations. These are due the direct impact of regulations and due to an imperfect adjustment of bidding functions towards them. The major goal of the market design to reduce quota prices is reached, however, at significant trade losses.
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| Tipo: |
Conference Paper or Presentation
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| Idioma: |
Inglês
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| Identificador: |
http://purl.umn.edu/61304
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| Relação: |
Agricultural and Applied Economics Association>2010 Annual Meeting, July 25-27, 2010, Denver, Colorado
Selected Paper
11500
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| Formato: |
11
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