By Ralf Antes, Bernd Hansjürgens, Peter Letmathe, Stefan Pickl
Emissions buying and selling demanding situations the administration of businesses in a wholly new demeanour: not just does it, like different market-based environmental coverage tools, enable for a larger flexibility in administration judgements touching on emission concerns. extra importantly, it shifts the mode of governance of environmental coverage from hierarchy to marketplace. yet how is that this switch mirrored in administration procedures, judgements and organizational buildings? The contributions during this ebook talk about the theoretical implications of alternative institutional designs of emissions buying and selling schemes, overview schemes which have been applied within the US and Europe, and assessment the diversity of funding judgements and company options that have resulted from the hot coverage framework.
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Extra info for Emissions Trading: Institutional Design, Decision Making and Corporate Strategies
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Furthermore, Convery et al. 21 Each of these big players might exert a dominant position in its own sector if permits are distributed freely based on recent emissions, as modeled in this chapter. 2 Prospective Use of Banking and Borrowing in the EU ETS Member states have allowed banking and borrowing without restrictions within each compliance period. 22 A more detailed analysis of the consequences of banning banking from one period to another on the price of permits and the behavior of companies can be found in Alberola and Chevallier (2009).
30 This planning period seems appropriate for a theoretical study of intertemporal emissions trading. Alternative time settings including distinct phases may be found in Montero and Ellerman (1998), Schennach (2000) or Ellerman and Montero (2002), but they reflect the specific requirements of the Acid Rain Program (USA). 31 See also Leiby and Rubin (2001). 24 J. 2 ei ðtÞdt ¼ i¼1 N X ei ¼ E (2) i¼1 Exhaustion Condition At time T, there is no more permit in the bank (either stocked or borrowed): N X Bi ðTÞ ¼ 0 (3) i¼1 These conditions ensure that agents gradually meet their depollution objective so that the marginal cost of depollution is equalized at the current value over the time period, and the permit bank is cleared in the end.