Gateway to Think Tanks
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 |
URL | http://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. |
条目包含的文件 | 条目无相关文件。 |
个性服务 |
推荐该条目 |
保存到收藏夹 |
导出为Endnote文件 |
谷歌学术 |
谷歌学术中相似的文章 |
[Charles Holt]的文章 |
[William Shobe]的文章 |
百度学术 |
百度学术中相似的文章 |
[Charles Holt]的文章 |
[William Shobe]的文章 |
必应学术 |
必应学术中相似的文章 |
[Charles Holt]的文章 |
[William Shobe]的文章 |
相关权益政策 |
暂无数据 |
收藏/分享 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。