| Registro completo |
| Provedor de dados: |
AgEcon
|
| País: |
United States
|
| Título: |
An Experimental Analysis of Auctioning Emission Allowances Under a Loose Cap
|
| Autores: |
Shobe, William
Palmer, Karen L.
Myers, Erica
Holt, Charles
Goeree, Jacob K.
Burtraw, Dallas
|
| Data: |
2010-06-07
|
| Ano: |
2010
|
| Palavras-chave: |
Auction
Carbon dioxide
Greenhouse gases
Allowance trading
Regional Greenhouse Gas Initiative
RGGI
Cap and trade
Environmental Economics and Policy
Resource /Energy Economics and Policy
|
| Resumo: |
The direct sale of emission allowances by auction is an emerging characteristic of cap-and-trade programs. This study is motivated by the observation that all of the major implementations of cap-and-trade regulations for the control of air pollution have started with a generous allocation of allowances relative to recent emissions history, a situation we refer to as a “loose cap.” Typically more stringent reductions are achieved in subsequent years of a program. We use an experimental setting to investigate the effects of a loose cap environment on a variety of auction types. We find that all auction formats studied are efficient in allocating emission allowances, but auction revenues tend to be lower relative to competitive benchmarks when the cap is loose. Regardless of whether the cap is tight or loose, the different auction formats tend to yield comparable revenues toward the end of a series of auctions. However, aggressive bidding behavior in initial discriminatory auctions yields higher revenues than in the other auction formats, a difference that disappears as bidders learn to adjust their bids closer to the cut-off that separates winning and losing bids.
|
| Tipo: |
Journal Article
|
| Idioma: |
Inglês
|
| Identificador: |
http://purl.umn.edu/90827
|
| Relação: |
Agricultural and Resource Economics Review>Volume 39, Number 2, April 2010
|
| Formato: |
14
|
|
