【对外经济贸易大学70年校庆系列活动·学术讲座】

报告人：Junji Xiao（香港岭南大学经济系）

时间：2021年4月22日（周四）下午15:30-17:00

地点：线上腾讯会议（会议号：672 923 874，无密码）

主持人：荆然

报告题目：The Black Market for Beijing License Plates

摘要：Black markets can reduce the effects of distortionary regulations by reallocating scarce resources toward consumers who value them the most. The illegal nature of black markets, however, creates transaction costs that reduce the gains from trade. We take a partial identification approach to infer gains from trade and transaction costs in the black market for Beijing car license plates, which emerged following their recent rationing. Using comprehensive car sales data, we estimate a lower bound for the volume of unobserved black market trade under weak assumptions. We find that at least 11% of the quota of license plates is illegally traded. We infer gains from trade and transaction costs, and we tighten the bounds on the volume of trade under further assumptions on black market transactions. The estimated transaction costs suggest severe market frictions: between 61% and 82% of the realized gains from trade are lost to transaction costs, and the net gains from trades realized in the black market are between 7% and 28% of the potential gains from trade.

注：This paper is coauthored with Oystein Daljord from Chicago Booth, Guillaume Pouliot from Chicago Harris, and Mandy Hu from CUHK.

报告人简介：Professor Junji XIAO has been an associate professor in economics at Lingnan University since 2021. He is an economist with research interest in the fields of empirical industrial organization, environmental economics and China economy. His recent work has explored such topics as the competition structure, the welfare effect of environmental policies and the vertical restraints. Before joining Lingnan University, he taught at UTS Business School, the Chinese University of Hong Kong, Fudan University and Shanghai University of Finance and Economics respectively. He was awarded the German DFG Fellowship in 2001 and Hong Kong RGC grant in 2016. His research papers have been published in such journals as International Economic Review, Review of Economics and Statistics, Journal of Industrial Economics, Journal of Economics & Management Strategy, Journal of Economic Behavior and Organization, Journal of Environmental Economics and Management, International Journal of Industrial Organization and Journal of Comparative Economics. He has also worked on commissioned projects for the State Administration for Market Regulation, China.

报告人主页：https://www.ln.edu.hk/econ/en/article/Professor-XIAO-Junji/15/1095/