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Description:
The present work is concerned with stochastic modelling of markets for regulated resources. Here, we use the term regulated resource (or regulated commodity) in the sense of some tradable good, the total aggregate deployment of which is subject to control by some public or private, central entity. More precisely, we are interested in regulatory systems that can control the inflow of commodity units. Such control systems allow the regulator to force potential externalities, arising from using the resource, to be priced in on the market, without explicitly deciding on the respective premium or explicitly quantifying the economic damage avoided for each unit of the commodity. Such (quantity-based) trading systems are traditionally viewed as alternatives to conventional price-based systems such as taxes. The question whether a quantity-based or price-based system is more advantageous has first been studied by [Weitzman, 1974], whose deliberations came down to comparing the relative slopes of the marginal abatement cost curve and marginal benefit curve (of avoiding emissions). However, Weitzman appreciated that an ideal instrument would implement a contingency message, indicating what policy would be implemented, based on the current state of the system. In the present work, we pick up on this idea and examine how the costs efficiency of controlling the use of a resource can be improved by such dynamic control systems. What’s more, we construct a quantitative framework by which we can represent an entire spectrum of policies between ‘pure’ price-based and ‘pure’ quantity-based instruments. Thusly we fill a significant gap in the pertinent literature. Limitation or regulation of the inflow of commodity units to some economy can be in the collective interest of a group of economic entities, or in the interest of the society which is subjected to those entities’ externalities. While examples for the former are mainly found in the context of cartels, the latter is relevant whenever societal damages are the result of the ...