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Registros recuperados: 41
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A Theoretical Model of Optimal Compliance Decisions under Different Penalty Designs in Emissions Trading Markets AgEcon
Restiani, Phillia; Betz, Regina.
This paper employs a theoretical model to examine compliance incentives and market efficiency under three penalty types: the fixed penalty rate, which uses a constant marginal financial penalty; the make-good provision (quantity penalty), where each missing permit in the current period is to be offset with a ratio (restoration rate) in the following period; and a mixed penalty, which combines the two penalty types. Using a simple two-period model of firm's profit maximisation, we analyse compliance decisions and the efficient penalty level under each penalty type. Firms‟ compliance strategies are modelled as an irreversible investment in abatement measures and permit buying in the market. Our findings indicate that the penalty type does not affect...
Tipo: Report Palavras-chave: Emissions trading; Penalty design; Compliance; Environmental Economics and Policy; Resource /Energy Economics and Policy.
Ano: 2010 URL: http://purl.umn.edu/107585
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Allocation of CO2 Emissions Allowances in the Regional Greenhouse Gas Cap-and-Trade Program AgEcon
Burtraw, Dallas; Palmer, Karen L.; Kahn, Danny.
Cap-and-trade programs for air emissions have become the widely accepted, preferred approach to cost-effective pollution reduction. One of the important design questions in a trading program is how to initially distribute the emissions allowances. Under the Acid Rain program created by Title IV of the Clean Air Act, most emissions allowances were distributed to current emitters on the basis of a historic measure of electricity generation in an approach known as grandfathering. Recent proposals have suggested two alternative approaches: allocation according to a formula that is updated over time according to some performance metric in a recent year (the share of electricity generation or something else) and auctioning allowances to the highest bidders....
Tipo: Working or Discussion Paper Palavras-chave: Emissions trading; Allowance allocations; Electricity; Air pollution; Auction; Grandfathering; Generation performance standard; Output-based allocation; Cost-effectiveness; Greenhouse gases; Climate change; Global warming; Carbon dioxide; Sulfur dioxide; Nitrogen oxides; Mercury; Environmental Economics and Policy; Q2; Q25; Q4; L94.
Ano: 2005 URL: http://purl.umn.edu/10650
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An Experimental Analysis of Compliance in Dynamic Emissions Markets AgEcon
Stranlund, John K.; Murphy, James J.; Spraggon, John M..
Two important design elements for emission trading programs are whether and to what extent firms are able to bank emissions permits, and how these programs are to be enforced. In this paper we present results from laboratory emissions markets designed to investigate enforcement and compliance when these markets allow permit banking. Banking is motivated by a decrease in the aggregate permit supply in the middle of multi-period trading sessions. Consistent with theoretical insights, our experiments suggest that high permit violation penalties have little deterrence value in dynamic emissions markets, and that the main challenge of enforcing these programs is to motivate truthful self-reports of emissions.
Tipo: Working or Discussion Paper Palavras-chave: Compliance; Enforcement; Emissions trading; Laboratory experiments; Permit markets; Permit banking; Environmental Economics and Policy; Public Economics; C91; L51; Q58.
Ano: 2010 URL: http://purl.umn.edu/93966
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An Experimental Economic Analysis of Carbon Trading Options for Australia AgEcon
Tisdell, John G.; Grainger, Corinne.
Australia is currently developing a carbon emissions trading program. The Garnaut report recommendations include options for emissions trajectories, coverage, permit allocation, inter-temporality, governance and compliance. This paper reports the results of a series of economic experiments in which we explored spot and future markets given high and low levels of carbon credit reductions. The results provide important insights to the current debate in Australia and highlight the importance of well crafted market design.
Tipo: Conference Paper or Presentation Palavras-chave: Carbon trading; Emissions trading; Future markets; Environmental Economics and Policy; Resource /Energy Economics and Policy.
Ano: 2008 URL: http://purl.umn.edu/96661
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An Experimental Economic Analysis of Carbon Trading Options for Australia AgEcon
Tisdell, John G.; Grainger, Corinne.
Australia is currently developing a carbon emissions trading program. The Garnaut report recommendations include options for the allocation of carbon credits, trading schemes, banking and borrowing, and self reporting mechanisms. This paper reports the results of a series of economic experiments in which we explored spot and future markets given high and low levels of carbon credit reductions. The results provide important insights to the current debate in Australia and highlight the importance of well crafted market design.
Tipo: Conference Paper or Presentation Palavras-chave: Climate change; Emissions trading; Compliance; Environmental Economics and Policy; Resource /Energy Economics and Policy; Q53; Q54.
Ano: 2009 URL: http://purl.umn.edu/51044
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Auctioning Greenhouse Gas Emissions Permits in Australia AgEcon
Betz, Regina; Seifert, Stefan; Cramton, Peter; Kerr, Suzi.
Allocating permits based on individual historical emissions (‘grandfathering’), or industry benchmark data, is an important design aspect of an emissions trading scheme. Free permit allocation has proven complex and inefficient (particularly in the European Union) with distribution implications also politically difficult to justify. For these reasons, auctioning emissions permits has become more popular than allocating permits. The European Union is now moving towards auctioning more than 50 per cent of all permits in 2013. In the US, the Regional Greenhouse Gas Initiative (RGGI) has started with auctioning 100 per cent of permits. The Australian proposal for a Carbon Pollution Reduction Scheme (CPRS) also provides for auctioning a significant share of...
Tipo: Report Palavras-chave: Climate policy; Greenhouse gases; Auctions; Emissions trading; Environmental Economics and Policy; Resource /Energy Economics and Policy.
Ano: 2009 URL: http://purl.umn.edu/94878
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Cap-and-Trade: The Evolution of an Economic Idea AgEcon
Tietenberg, Tom.
Over the past three decades or so, emissions trading has evolved from an idea that was little more than an academic curiosity to its current role as the centerpiece of the U.S. program to control acid rain and international programs to control greenhouse gases. This essay identifies some of the key milestones of this evolution, describes how that evolution was shaped by economic analysis, elicits some of the lessons about the design and effectiveness of emissions trading that have emerged from analysis of that evolution, and points out a few of the barriers that lie in the path of achieving a truly global carbon market.
Tipo: Journal Article Palavras-chave: Emissions trading; Cap-and-trade; Climate policy; Environmental Economics and Policy; Political Economy; Public Economics.
Ano: 2010 URL: http://purl.umn.edu/95836
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CO2 Allowance Allocation in the Regional Greenhouse Gas Initiative and the Effect on Electricity Investors AgEcon
Burtraw, Dallas; Kahn, Danny; Palmer, Karen L..
The Regional Greenhouse Gas Initiative (RGGI) is an effort by nine Northeast and Mid-Atlantic states to develop a regional, mandatory, market-based cap-and-trade program to reduce greenhouse gas (GHG) emissions from the electricity sector. The initiative is expected to lead to an increase in the price of electricity in the RGGI region and beyond. The implications of these changes for the value of electricity-generating assets and the market value of the firms that own them depends on the initial allocation of carbon dioxide allowances, the composition of generating assets owned by the firm, and the locations of those assets. Changes in asset values inside the RGGI region may be positive or negative, whereas changes outside of the RGGI region are almost...
Tipo: Working or Discussion Paper Palavras-chave: Emissions trading; Allowance allocations; Electricity; Air pollution; Auction; Grandfathering; Generation-performance standard; Output-based allocation; Cost-effectiveness; Greenhouse gases; Climate change; Global warming; Carbon dioxide; Asset value; Environmental Economics and Policy; Q2; Q25; Q4; L94.
Ano: 2005 URL: http://purl.umn.edu/10495
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Combining Rate-Based and Cap-and-Trade Emissions Policies AgEcon
Fischer, Carolyn.
Rate-based emissions policies (like tradable performance standards) fix average emissions intensity, while cap-and-trade policies fix total emissions. This paper shows that unfettered trade between rate-based and cap-and-trade programs always raises combined emissions, except when product markets are related in particular ways. Gains from trade are fully passed on to consumers in the rate-based sector, resulting in more output and greater emissions allocations. We consider a range of policy options to offset the expansion, including unilateral ones when jurisdictional differences require. The cap-and-trade jurisdiction could impose an "exchange rate" to adjust for relative permit values, but marginal abatement cost equalization is sacrificed. Still, that...
Tipo: Working or Discussion Paper Palavras-chave: Emissions trading; Permit allocation; Tradable performance standards; Climate; Greenhouse gases; Environmental Economics and Policy; H23; H3; Q2; Q48.
Ano: 2003 URL: http://purl.umn.edu/10713
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Companies and Regulators in Emissions Trading Programs AgEcon
Kruger, Joseph.
Much has been written about the economic and environmental performance of U.S. emissions trading programs for "acid rain" (sulfur dioxide) and nitrogen oxides. Less explored have been the unique roles and interactions of environmental regulators and the companies they regulate. I first examine how these roles change the way that regulators and companies operate within their own organizations and with each other. Next, I use examples from U.S. trading programs to illustrate the design and administrative features that allow program administrators and industry to best fulfill their respective roles. Finally, I examine briefly whether these features are present in the EU Emissions Trading System and determine the implications for its effectiveness.
Tipo: Working or Discussion Paper Palavras-chave: Emissions trading; Climate change; Environmental management; Information technology; Environmental Economics and Policy.
Ano: 2005 URL: http://purl.umn.edu/10489
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Cost-Effective Reduction of NOx Emissions from Electricity Generation AgEcon
Burtraw, Dallas; Palmer, Karen L.; Bharvirkar, Ranjit; Paul, Anthony.
This paper analyzes the benefits and costs of policies to reduce nitrogen oxides (NOX) emissions from electricity generation in the United States. Because emissions of NOX contribute to the high concentration of atmospheric ozone in the eastern states that is associated with health hazards, the U.S. Environmental Protection Agency (EPA) has called on eastern states to formulate state implementation plans (SIPs) for reducing NOX emissions. Our analysis considers three NOX reduction scenarios: a summer seasonal cap in the eastern states covered by EPA's NOX SIP Call, an annual cap in the same SIP Call region, and a national annual cap. All scenarios allow for emissions trading. Although EPA's current policy is to implement a seasonal cap in the SIP Call...
Tipo: Working or Discussion Paper Palavras-chave: Emissions trading; Electricity; Particulates; Nitrogen oxides; NOx; Health benefits; Environmental Economics and Policy; Q2; Q4.
Ano: 2001 URL: http://purl.umn.edu/10677
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Distributing pollution rights in cap-and-trade programs: are outcomes independent of allocation? AgEcon
Fowlie, Meredith; Perloff, Jeffrey M..
According to the Coase theorem, if property rights to pollute are clearly established and emissions permit markets nearly eliminate transaction costs, the permit market equilibrium will be independent of how the permits are initially distributed among …firms. Testing the independence of …firms' permit allocations and emissions is difficult because of endogeneity and omitted variable bias. We exploit the random assignment of …firms to different permit allocation cycles in Southern California's RECLAIM Program to test for a causal relationship between facility-level emissions and initial permit allocations. Our primary …finding is that a null hypothesis of zero effect cannot be rejected.
Tipo: Working or Discussion Paper Palavras-chave: Air pollution; Emissions trading; Transaction costs; Environmental Economics and Policy; D21; D23; H11; Q50; Q53; Q58.
Ano: 2008 URL: http://purl.umn.edu/47002
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Do baseline requirements hinder trades in water quality trading programs? AgEcon
Ribaudo, Marc; Ghosh, Gaurav S.; Shortle, James S..
The Environmental Protection Agency and the U.S. Department of Agriculture are promoting point/nonpoint trading as a way of reducing the costs of meeting water quality goals while giving nonpoint sources a larger role in meeting those goals. Farms can create offsets or credits in a point/nonpoint trading program by implementing management practices such as conservation tillage, nutrient management, and buffer strips. To be eligible to sell credits, farmers must first comply with baseline requirements. The EPA defines a baseline as the pollutant control requirements that apply to a seller in the absence of trading. EPA guidance recommends that the baseline for nonpoint sources be management practices that are consistent with the water quality goal. A...
Tipo: Conference Paper or Presentation Palavras-chave: Nonpoint pollution; Emissions trading; Management practices; Environmental Economics and Policy.
Ano: 2009 URL: http://purl.umn.edu/49258
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Efficient Emission Fees in the U.S. Electricity Sector AgEcon
Banzhaf, H. Spencer; Burtraw, Dallas; Palmer, Karen L..
This paper provides new estimates of efficient emission fees for sulfur dioxide (SO2) and nitrogen oxides (NOX) emissions in the U.S. electricity sector. The estimates are obtained by coupling a detailed simulation model of the U.S. electricity markets with an integrated assessment model that links changes in emissions with atmospheric transport, environmental endpoints, and valuation of impacts. Efficient fees are found by comparing incremental benefits with emission fee levels. National quantity caps that are equivalent to these fees also are computed, and found to approximate caps under consideration in the current multi-pollutant debate in the U.S. Congress and the recent proposals from the Bush administration for the electricity industry. We also...
Tipo: Working or Discussion Paper Palavras-chave: Emissions trading; Emission fees; Air pollution; Cost-benefit analysis; Electricity; Particulates; Nitrogen oxides; NOx; Sulfur dioxide; SO2; Health benefits; Environmental Economics and Policy; Q2; Q4; D61.
Ano: 2002 URL: http://purl.umn.edu/10505
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Emissions Trading and the Convergence of the Australian Electricity and Transport Markets AgEcon
Reedman, Luke J.; Graham, Paul W..
Bottom up partial equilibrium modelling of the energy sector has tended to focus on the electricity sector given its typically large share of total emissions, the deregulation of that market in many countries and the relatively well understood technology options. In contrast, this paper employs a model of the energy sector to investigate the proportion electricity and transport may contribute given the relative cost of abatement in those sectors, for specified emission targets. A related issue is the potential convergence of the two sectors through greater uptake of electrically powered transport.
Tipo: Conference Paper or Presentation Palavras-chave: Energy; Emissions trading; Electricity and transport; Integrated modelling; Environmental Economics and Policy; Public Economics.
Ano: 2008 URL: http://purl.umn.edu/6042
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Emissions Trading with Telecommuting Credits: Regulatory Background and Institutional Barriers AgEcon
Nelson, Peter.
The 1999 National Telecommuting and Air Quality Act created pilot programs in five metropolitan areas in the United States to examine whether a particular type of economic incentive, tradable emissions credits created from telecommuting, represents a viable strategy for reducing vehicle miles traveled and improving air quality (H.R. 2094, 2000). Under the ecommute program, companies could generate emissions credits by reducing the vehicle miles traveled (VMT) of their workforce through telework programs. They would then be able to sell the credits to firms that needed the reductions to comply with air quality regulations. This paper provides some context for evaluating whether such a trading scheme represents a feasible approach to reducing mobile source...
Tipo: Working or Discussion Paper Palavras-chave: Telecommuting; Emissions trading; Environmental Economics and Policy; R4; Q53; Q58.
Ano: 2004 URL: http://purl.umn.edu/10884
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Fiddling while carbon burns: why climate policy needs emission pervasive pricing as well as technology promotion AgEcon
Pezzey, John C.V.; Jotzo, Frank; Quiggin, John C..
Effective climate policy requires global emissions of greenhouse gases to be cut substantially, which in energy sectors can be achieved by lower emissions supply technologies, greater energy use efficiency, and substitution in demand. For policy to be efficient requires fairly uniform, pervasive emission pricing from taxes, permit trading, or hybrid combinations of the two, as well as significant government support for low-emission technologies. We compare the kind of technology-focused climate policies currently adopted by Australia and the USA, the ‘'Asia-Pacific Partnership on Clean Development and Climate'’ (AP6), against this ideal policy yardstick. We find they omit the need for emission pricing to achieve abatement effectively and efficiently; they...
Tipo: Conference Paper or Presentation Palavras-chave: Greenhouse gas emissions; Abatement; Emission taxes; Emissions trading; Technology policy; Innovation; Asia-Pacific Partnership; AP6; Environmental Economics and Policy.
Ano: 2007 URL: http://purl.umn.edu/10395
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From SO2 to Greenhouse Gases: Trends and Events Shaping Future Emissions Trading Programs in the United States AgEcon
Kruger, Joseph.
Cap-and-trade programs have become widely accepted for the control of conventional air pollution in the United States. However, there is still no political consensus to use these programs to address greenhouse gases. Meanwhile, in the wake of the success of the U.S. SO2 and NOx trading programs, private companies, state governments, and the European Union are developing new trading programs or other initiatives that may set precedents for a future national U.S. greenhouse gas trading scheme. This paper summarizes the literature on the "lessons learned" from the SO2 trading program for greenhouse gas trading, including lessons about the potential differences in design that may be necessary because of the different sources, science, mitigation options, and...
Tipo: Working or Discussion Paper Palavras-chave: Climate change; Emissions trading; European Union; U.S. states; Corporate environmentalism; Environmental Economics and Policy.
Ano: 2005 URL: http://purl.umn.edu/10819
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Grandfathering and greenhouse: the role of compensation and adjustment assistance in the introduction of a carbon emissions trading scheme for Australia AgEcon
Menezes, Flavio; Quiggin, John C.; Wagner, Liam.
The terms ‘grandfather clause’ and ‘grandfathering’ describe elements of a policy program in which existing participants in an activity are protected from the impact of regulations, restrictions or charges applied to new entrants. In this paper, the role of grandfathering in the design of a carbon emissions trading scheme in Australia is assessed. It is argued that adjustment assistance policies such as those adopted in conjunction with previous microeconomic reform programs are preferable to policies based on the free issue of emissions permits.
Tipo: Conference Paper or Presentation Palavras-chave: Grandfathering; Emissions trading; Compensation; Adjustment assistance.
Ano: 2009 URL: http://purl.umn.edu/48042
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Imperfect Enforcement of Emissions Trading and Industry Welfare: A Laboratory Investigation AgEcon
Stranlund, John K.; Murphy, James J.; Spraggon, John M..
This paper uses laboratory experiments to investigate the performance of emission permit markets when compliance is imperfectly enforced. In particular we examine deviations in observed aggregate payoffs and expected penalties from those derived from a model of risk-neutral payoff-maximizing firms. We find that the experimental emissions markets were reasonably efficient at allocating individual emission control choices despite imperfect enforcement and significant noncompliance. However, violations and expected penalties were lower than predicted when these are predicted to be high, but were about the same as predicted values when these values were predicted to be low. Thus, although a standard model of compliance with emissions trading programs tends to...
Tipo: Working or Discussion Paper Palavras-chave: Enforcement; Compliance; Emissions trading; Permit markets; Pollution; Laboratory experiments; Environmental Economics and Policy; Public Economics; C91; L51; Q58.
Ano: 2008 URL: http://purl.umn.edu/42124
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