G2TT
来源类型Working Paper
规范类型论文
Cap-and-Trade Programs under Delayed Compliance: Consequences of Interim Injection of Permits
Makoto Hasegawa; Stephen W. Salant
发表日期2014-07-24
出版年2014
页码DP 12-32-REV
语种英语
摘要Virtually every analysis of cap-and-trade programs assumes that firms must surrender permits as they pollute. However, no program, existing or proposed, requires such continual compliance. Some (e.g., the Acid Rain Program limiting SO2 emissions) require compliance once a year; others (e.g., the Regional Greenhouse Gas Initiative limiting CO2 emissions) require compliance every three years. The paths of emissions and permit prices would be invariant to compliance timing (Holland-Moore, 2013) ifthe government never injected additional permits between successive compliance dates. However, virtually all emissions trading programs require such injections through either (1) interim permit auctions or (2) sales from "cost containment reserves" intended to cap permit prices. In such cases, analyses which abstract from delayed compliancemay mislead policy makers. For example, a cost containment reserve judged sufficient to cap prices at a ceiling over a year may sell out in a single day.
主题Climate Change ; Environmental Economics Topics
子主题Cap and Trade
URLhttp://www.rff.org/research/publications/cap-and-trade-programs-under-delayed-compliance-consequences-interim-injection
来源智库Resources for the Future (United States)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/41313
推荐引用方式
GB/T 7714
Makoto Hasegawa,Stephen W. Salant. Cap-and-Trade Programs under Delayed Compliance: Consequences of Interim Injection of Permits. 2014.
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