The European Commission has intensively discussed the mandatory separation of natural gas transmission from production and services. However, economic theory is ambiguous on the price effects of vertical separation. In this paper, we empirically analyse the effect of ownership unbundling of...

Transaction costs will reduce the attractiveness of the Kyoto Mechanisms compared to domestic abatement options. Especially the project-based mechanisms Clean Development Mechanism (CDM) and Joint Implementation (JI) are likely to entail considerable costs of baseline development, verification...

A whole bundle of so-called ?flexible mechanisms? has been foreseen by the Kyoto Protocol in order to help industrial countries to fulfil their agreed reduction targets in the most costeffective way. Emission permits will act as the backbone of all market-orientated mechanisms. Therefore, their...

The Kyoto Protocol sets legally binding emission targets for industrialized countries without accounting for reductions carried out prior to 2008, the beginning of the first commitment period. There exists only one exception, the project-based Clean Development Mechanism. Two other possible ways...

The European Commission has intensively examined the mandatory separation of natural gas transmission from production and services. However, economic theory is ambiguous on the price effects of vertical separation. In this paper, we empirically analyze the effect of ownership unbundling of gas...

Transaction costs will reduce the attractiveness of the Kyoto Mechanisms compared to domestic abatement options. Especially the project-based mechanisms CDM and JI are likely to entail considerable costs of baseline development, verification and certification. The AIJ pilot phase and the PCF...

Zertifikatemärkte für grünen Strom (erneuerbare Energien) und CO2-Emissionen wurden bisher in der Literatur überwiegend isoliert betrachtet. Wir analysieren für den Elektrizitätssektor die Implikationen eines Zusammenwirkens (Koexistenz) beider Märkte. Es werden zwei Fälle der Koexistenz...

The authors suggest a multi-layered system of three convergence criteria – similar to those used in the run-up to the European monetary union – that define the notion of ?demonstrable progress? towards reaching the emission commitments under the Kyoto Protocol. These are the existence of an...

The Kyoto Protocol sets legally binding emission targets for industrialised countries without accounting for reductions carried out prior to 2008, the beginning of the first commitment period. There exists only one exception, the project-based Clean Development Mechanism where credits accrue...