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).
Please note that all times are shown in the time zone of the conference. The current conference time is: 24th Aug 2026, 01:48:47am WEST
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Daily Overview |
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Thematic Session: Governing Marine Resources in a Constrained Environment: Market Design, Compliance, and Well-being (Streaming) Location: B134 Session Chair: Corbett Grainger, University of Wisconsin - Madison | |
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How Are ITQ Prices Discovered? 1: University of Wisconsin - Madison, United States of America; 2: Statistics Norway; 3: Norwegian School of Economics; 4: CESifo In the creation of new environmental markets, prices for newly created assets must be discovered by market participants. We study price formation in newly created catch share markets, focusing on how relative prices received by small and large quota holders evolve as markets mature. Using transaction-level data from New Zealand individual transferable quota fisheries, we document substantial and persistent price discounts for smaller sellers in permanent quota sales. In contrast, price differences in lease markets are smaller and less systematic over time. Event-time analyses show that seller-size-related price gaps remain pronounced in sales markets well beyond program inception, while lease markets exhibit weaker and less stable patterns. These findings highlight the role of contract structure in shaping price dispersion in decentralized resource markets. | |