Transferable Licenses vs. Nontransferable Licenses: What is the Difference?
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This paper questions the presumption that transferable quota licenses are worth more and result in higher welfare. We show that the price of a transferable license will tend to be higher than that of its nontransferable counterpart only if the underlying quota is quite restrictive. Despite this, if
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美国国家经济研究局创建时间：
1996-03-01
