Quota market efficiency : the New Zealand Annual Catch Entitlement (ACE) market
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Authors
Stewart, James
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2014-07
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Conference Contribution - Oral Presentation
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Keyword
: Annual Catch Entitlement (ACE)
efficient markets
information channels
transaction costs
deemed value
efficient markets
information channels
transaction costs
deemed value
ANZSRC Field of Research Code (2020)
Citation
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.
Abstract
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
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