Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Thematic Session 4: Using economics to bring the real world into policy (HYBRID) Location: Auditorium M: Jan Mossin Session Chair: Ian J. Bateman, University of Exeter, UK Session Chair: Ben Balmford, University of Exeter | |
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Designing markets for bundled environmental goods University of Exeter, United Kingdom Continued economic growth requires development to mitigate its negative environmental impacts. Increasingly, regulation for “no-net-loss” policies are in place to ensure it does. Yet, the mechanisms through which trade for environmental services currently occur are poorly organised and highly-inefficient. Such inefficiency stems from the package nature of supply and demand for environmental services, which has yet to be recognised by existing market designs. In this paper we propose and test, both in the real world and laboratory, a package market using the Balanced Winners’ Contribution rule of Lindsay (2018). Proprietary data from the real world shows that the package market design can facilitate trade where current approaches fail. The experimental results point to this new market design offering substantial efficiency gains relative to all approaches currently applied. This suggests that the real world result is likely to generalise, and is underpinned by the package market alleviating exposure risk and selecting for efficient trades. | |