G2TT
来源类型Working Paper
规范类型论文
Price and Quantity “Collars” for Stabilizing Emissions Allowance Prices: An Experimental Analysis of the EU ETS Market Stability Reserve
Charles Holt; William Shobe
发表日期2015-06-25
出版年2015
页码DP 15-29
语种英语
摘要

This paper reports the results of a laboratory experiment with financially motivated participants that is used to compare alternative proposals for managing the time path of emissions allowance prices in the face of random firm-specific and market-level structural shocks. In this setting, market performance measures such as social surplus are enhanced by the use of a price collar (auction reserve price and soft price cap). Comparable performance enhancements are not observed with the implementation of a quantity collar that adjusts auction quantities in response to privately held inventories of unused allowances. In fact, in some specifications, the quantity collar performed worse than no stabilization policy at all. The experiment implemented a specific set of structural elements, and extrapolation to other settings should be done with caution. Nevertheless, an examination of the observed behavioral patterns and deviations from optimal behavior suggests that a price collar has an important (although perhaps not exclusive) role to play in constructing an effective market stability reserve policy.

主题Climate Change ; Environmental Economics Topics
子主题Cap and Trade
URLhttp://www.rff.org/research/publications/price-and-quantity-collars-stabilizing-emissions-allowance-prices-experimental
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/41375
推荐引用方式
GB/T 7714
Charles Holt,William Shobe. Price and Quantity “Collars” for Stabilizing Emissions Allowance Prices: An Experimental Analysis of the EU ETS Market Stability Reserve. 2015.
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