Trading Frictions in Dynamic Cap-and-Trade Markets
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https://www.nber.org/papers/w35356
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资源简介：
We develop a dynamic stochastic model of markets with an externality and multiple trading frictions, and cap-and-trade as the leading application. Slow participation, limited intermediation, and heterogeneous information interact in equilibrium: agents choose costly market access, access determines
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美国国家经济研究局创建时间：
2026-06-01
