Nguyen, N.P.; Shortle, J.S.; Reed, P.M.; Nguyen, T.T. - In: Resource and Energy Economics 35 (2013) 1, pp. 60-90
We examine the efficiency of emissions trading in bilateral and clearinghouse markets with heterogeneous, boundedly rational agents making decisions under imperfect and asymmetric information, and transaction costs. Results are derived using a stochastic agent-based simulation model of agents’...