Kijima, Masaaki; Maeda, Akira; Nishide, Katsumasa - In: Journal of Futures Markets 30 (2010) 6, pp. 559-589
We advance a model of the tradable permit market and derive a pricing formula for contingent claims traded in the market in a general equilibrium framework. It is shown that prices of such contingent claims exhibit significantly different properties from those in the ordinary financial markets....
