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Optimal Stabilization in an Emission Permits Market

Gerlagh, Reyer - 2018

We develop a 2-period emission trading model for a stock pollutant with demand shocks resolving over time. We find precise conditions for efficiency of a stabilization mechanism where cumulative available permits decrease with excess supply in early periods. Our model describes the stabilization...

Persistent link: https://www.econbiz.de/10012919057

How Much Carbon Pricing is in Countries' Own Interests? The Critical Role of Co-Benefits

Parry, Ian - 2014

This paper calculates, for the top twenty emitting countries, how much pricing of carbon dioxide (CO<sub>2</sub>) emissions is in their own national interests due to domestic co-benefits. On average, nationally efficient prices are substantial, $57.5 per ton of CO<sub>2</sub> (for year 2010), reflecting primarily...

Persistent link: https://www.econbiz.de/10013045322

Strategic Delegation and International Permit Markets : Why Linking May Fail

Habla, Wolfgang - 2017

We analyse a principal-agent relationship in the context of international climate policy. Principals in two countries first decide whether to merge domestic emission permit markets to an international market, then delegate the domestic permit supply to an agent. We find that principals select...

Persistent link: https://www.econbiz.de/10012952407

Did the Japanese Patient Follow the Doctor's Orders? Mostly No! A Public Choice Analysis of Greenhouse Gas Emissions Trading Schemes in Japan Before and after the Earthquake

Rudolph, Sven - 2013

The Great Tōhoku-Earthquake and the following nuclear meltdown in Fukushima called the world's attention to Japans' energy and climate policy. Japan is one of the biggest emitters of greenhouses gases in the world and still far away from reaching its Kyoto target. Emissions trading systems have...

Persistent link: https://www.econbiz.de/10013092105

Buy Coal! Deposit Markets Prevent Carbon Leakage

Harstad, Bård - 2013

If a coalition of countries implements climate policies, nonparticipants tend to consume more, pollute more, and invest too little in renewable energy sources. In response, the coalition's equilibrium policy distorts trade and it is not time consistent. By adding a market for the right to...

Persistent link: https://www.econbiz.de/10013094942

Market Power in Emission Permit Markets : Theory and Evidence

Hintermann, Beat - 2013

A well-known result about market power in emission permit markets is that efficiency can be achieved by full free allocation to the dominant firm. I show that this result breaks down when taking the interaction between input and output markets into account, even if the firm perceives market...

Persistent link: https://www.econbiz.de/10013073090

Emissions Trading with Offset Markets and Free Quota Allocations

Rosendahl, Knut Einar - 2014

We study optimal climate policy for a "policy bloc" of countries facing a market where emissions offsets can be purchased from a non-policy “fringe” of countries (such as for the CDM). Policy-bloc firms benefit from free quota allocations whose quantity is updated according to firms' past...

Persistent link: https://www.econbiz.de/10013059018

Reflections on the International Coordination of Carbon Pricing

Parry, Ian - 2021

The efficiency effects of carbon pricing depend on how it impacts distortions in fossil fuel markets, most notably from local air pollution externalities. By offsetting these distortions, carbon pricing may generate significant net economic benefits, so it is in countries own interests to...

Persistent link: https://www.econbiz.de/10013315495

Teams Punish Less

Auerswald, Heike - 2013

Many decisions in politics and business are made by teams rather than by single individuals. In contrast, economic models typically assume an individual rational decision maker. A rapidly growing body of (experimental) literature investigates team decisions in different settings. We study team...

Persistent link: https://www.econbiz.de/10013075136

An Externality-Robust Auction : Theory and Experimental Evidence

Bartling, Björn - 2014

An auction is externality-robust if unilateral deviations from equilibrium leave the other bidders' payoffs unaffected … externalities due to spiteful preferences, which have been used to explain overbidding in the second-price auction (SPA). Another … example are cross-shareholdings between companies that compete in an auction. We derive an auction that coincides with the SPA …

Persistent link: https://www.econbiz.de/10013054012

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