Quota market efficiency : the New Zealand Annual Catch Entitlement (ACE) market
Stewart, James
Date
2014-07Citation:
Stewart, J. (2014, July). Quota market efficiency: The New Zealand Annual Catch Entitlement (ACE) market. Paper presented at International Institute of Fisheries Economics & Trade (IIFET) Conference, Brisbane, Australia.Permanent link to Research Bank record:
https://hdl.handle.net/10652/3881Abstract
Characteristics of efficient markets:
Information on price is easy to obtain
• Information on characteristics of the good is readily available
• Price establishes market equilibrium
• Transaction costs are low
• No barriers to entry and exit
• Identical goods