An analytical model of water right market was offered, in which a large number of regulated emitter participate,and formulae were derived, that show the entire dependence of the emergence of market power on the initial distribution as well as the existence of a threshold for effective market power. Furthermore, the model derived yields formulae that can estimate how far the permit prices in such distorted markets depart from competitive levels. These findings show the significance of initial allocation of water rights.%提供了一个具有大量受管制的用水户参与的区域水权市场的分析模型.在市场力存在的情况下,推导出一个估计市场扭曲程度的公式.证明了市场价格与竞争水平的比率完全依赖于水权的初始分配和市场支配力存在的阀值,这说明水权的初始分配在水权交易市场中起着举足轻重的作用.
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