information on the highest bid after each round for every band along with information on the bidder. We evaluate the price … formation efficiency in this setup to see how fast prices become informative about the final auction value. We find that prices … from their competitors' bidding behavior and validates the choice of the agency to implement the auction in the present …

Modeling the price risk of CO2 certificates is one important aspect of integral corporate risk management related to …. We assume that the certificate price is determined by the expected marginal CO2 abatement costs prevailing at the current … abatement costs may occur leading to shifts in the price level. The aim of the work is to model the erratic changes of the …