This paper presents valuation models of emission allowance options under an emission trading scheme, operating in an open trading phase, where unused allowances are banked to subsequent phases without any limit. Empirical studies are carried out to show that allowance option prices exhibit...

Rural regions are more exposed to rainfall shocks, notably through agriculture, and understanding how local population adapt to changes in the climate is an important policy challenge. In this paper we exploit longitudinal data for Turkish provinces from 2008 to 2018 together with precipitation...