| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28368 |
| 来源ID | Working Paper 28368 |
| Price Limits in a Tradable Performance Standard | |
| Banban Wang; William A. Pizer; Clayton Munnings | |
| 发表日期 | 2021-01-25 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Tradable performance standards are widely used sectoral regulatory policies. Examples include the US lead phasedown, fuel economy standards for automobiles, renewable portfolio standards, low carbon fuel standards, and—most recently—China’s new national carbon market. At the same time, theory and experience with traditional cap-and-trade programs suggests an important role for price limits in the form of floors, ceilings, and reserves. In this paper we develop a simple analytical model to derive the welfare comparison between tradable performance standards and a price-based alternative. This works out to be is a simple variant of the traditional Weitzman prices-versus-quantities result. We use this result to show that substantial gains could arise from shifting two programs, China’s new national carbon market (~60% gain) and the California Low Carbon Fuel Standard (~20% gain), to a price mechanism. This will generally be true when the coefficient of variation in the price under a TPS is larger than 50%. We end with a discussion of implementation issues, including full and partial consignment auctions based on actual and expected output. |
| 主题 | Microeconomics ; Economics of Information ; Environmental and Resource Economics ; Environment |
| URL | https://www.nber.org/papers/w28368 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586042 |
| 推荐引用方式 GB/T 7714 | Banban Wang,William A. Pizer,Clayton Munnings. Price Limits in a Tradable Performance Standard. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28368.pdf（721KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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