Download or read book Auctioning Under Cap and Trade written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 2009 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Structural Analyses of Emission Permit Auctions Under Cap and trade Programs in the United States written by Xiaoling Zhou and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation conducts empirical studies on emission permit auctions under cap-and-trade programs in the United States. My dissertation for the first time conducts structural analyses using the actual auction data from the Acid Rain Program for SO2 and the Regional Greenhouse Gas Initiative (RGGI) program for CO2. With detailed bidder-level bidding data of the 17 discriminatory auctions of SO2 allowances held by the EPA from 1993 to 2009, I estimate bidders' marginal valuation functions using the resampling method proposed by Hortacsu (2002b) and Kastl (2011). I follow their econometric approaches to calculate the efficiency loss caused by the discriminatory format, and test its effectiveness in raising revenue compared to a truthful-bidding uniform price auction. Compared to a best-case scenario of truthful-bidding uniform price auction, the counterfactual results show that the discriminatory format may not necessarily raise more revenue to compensate the efficiency loss in the SO2 allowance auctions. To analyze the RGGI program, I modify a uniform price auction model built by Vives (2011) to characterize emission permit auctions with the presence of secondary trading. Based on the symmetric linear Bayesian demand function equilibrium (LBDFE), I analyze the interaction between the primary auction market and the secondary trading market of emission permits. I then propose a statistical procedure to calibrate model parameters using aggregate level data for the RGGI CO2 allowance auctions during August 2008 to June 2010. With a counterfactual simulation, I discuss the underpricing issue of the uniform price auction relative to the allowance prices in the trading market, and conclude that it is beneficial to open the auctions to general public to increase competition. Based on the empirical results for emission allowance auctions in these two programs, I propose several policy suggestions in designing future emission auctions.
Download or read book Cap Auction and Trade written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-12-31 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cap, auction, and trade : auctions and revenue recycling under carbon cap and trade : hearing before the Select Committee on Energy Independence and Global Warming, House of Representatives, One Hundred Tenth Congress, second session, January 23, 2008.
Download or read book Auctioning Under Cap and Trade written by Professor United States Congress and published by Createspace Independent Publishing Platform. This book was released on 2018-01-14 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: Auctioning under cap and trade: design, participation, and distribution of revenues: hearing before the Committee on Finance, United States Senate, One Hundred Eleventh Congress, first session, May 7, 2009.
Download or read book Auctioning Under Cap and Trade written by United States Senate and published by . This book was released on 2019-10-08 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: Auctioning under cap and trade: design, participation, and distribution of revenues: hearing before the Committee on Finance, United States Senate, One Hundred Eleventh Congress, first session, May 7, 2009.
Download or read book Auctioning Under Cap and Trade written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Cap Auction and Trade written by United States House of Representatives and published by . This book was released on 2019-10-22 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cap, auction, and trade: auctions and revenue recycling under carbon cap and trade
Download or read book Curbing Price Fluctuations in Cap and trade Auctions written by Thomas D. Jeitschko and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, a significant problem with the carbon credit market has been higher than initially predicted price volatility. It is essential to study the market in a repeated-period dynamic setting to identify the factors enabling high fluctuations in prices. In this paper, we examine the dynamic auction design and propose a method to curb price volatility through a flexible supply cap. The equilibrium analysis shows that modifying the cap on per period supply can decrease price fluctuations. Currently, the government or the auctioneer sets a per-period limit on the supply, which reduces at a fixed rate over time. However, this paper suggests that a flexible cap on the per-period supply would be a better alternative. Specifically, we show that correlating the supply rate with expected future demand results in a more stable price.
Download or read book An Experimental Analysis of Auctioning Emissions Allowances Under a Loose Cap written by William Shobe and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The direct sale of emissions 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 all auction formats studied are efficient in allocating emissions 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 other auction formats, a difference that disappears as bidders learn to adjust their bids closer to the cutoff that separates winning and losing bids.
Download or read book The Clean Air Act Amendments of 1990 written by and published by DIANE Publishing. This book was released on 1993-07 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: A primer for small business on the requirements of the Clean Air Act Amendments, which contain new provisions. Explains as simply as possible the complex requirements of the Amendments; describes the law's provisions for businesses in cities with smog problems and the kinds of small businesses that may be affected by these provisions; and provides hotline numbers and the addresses and phone numbers of state agencies that can provide additional information.
Download or read book Auctioning Vs Grandfathering in Cap and Trade Systems with Market Power and Incomplete Information written by Francisco Alvarez and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Climate Change written by John B. Stephenson and published by DIANE Publishing. This book was released on 2010-08 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Congress is considering proposals for market-based programs to limit greenhouse gas emissions. Many proposals involve creating a cap-and-trade program, in which an overall emissions cap is set and entities covered by the program must hold tradable permits -- or "allowances" -- to cover their emissions. The value of these allowances could total $300 billion annually by 2020. The Federal government could either sell the allowances, give them away for free, or some combination of the two. Some existing cap-and-trade programs have experience selling allowances. This report describes the implications of different methods for selling allowances, given available information and the experiences of selected programs.
Download or read book Markets for Clean Air written by A. Denny Ellerman and published by Cambridge University Press. This book was released on 2000-06-19 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book analyzes the behavior and performance of the market for emissions permits, called allowances in the Acid Rain Program, and quantifies emission reductions, compliance costs, and cost savings associated with the trading program."--BOOK JACKET.
Download or read book The Green Paradox written by Hans-Werner Sinn and published by MIT Press. This book was released on 2012-02-03 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: A leading economist develops a supply-side approach to fighting climate change that encourages resource owners to leave more of their fossil carbon underground. The Earth is getting warmer. Yet, as Hans-Werner Sinn points out in this provocative book, the dominant policy approach—which aims to curb consumption of fossil energy—has been ineffective. Despite policy makers' efforts to promote alternative energy, impose emission controls on cars, and enforce tough energy-efficiency standards for buildings, the relentlessly rising curve of CO2 output does not show the slightest downward turn. Some proposed solutions are downright harmful: cultivating crops to make biofuels not only contributes to global warming but also uses resources that should be devoted to feeding the world's hungry. In The Green Paradox, Sinn proposes a new, more pragmatic approach based not on regulating the demand for fossil fuels but on controlling the supply. The owners of carbon resources, Sinn explains, are pre-empting future regulation by accelerating the production of fossil energy while they can. This is the “Green Paradox”: expected future reduction in carbon consumption has the effect of accelerating climate change. Sinn suggests a supply-side solution: inducing the owners of carbon resources to leave more of their wealth underground. He proposes the swift introduction of a “Super-Kyoto” system—gathering all consumer countries into a cartel by means of a worldwide, coordinated cap-and-trade system supported by the levying of source taxes on capital income—to spoil the resource owners' appetite for financial assets. Only if we can shift our focus from local demand to worldwide supply policies for reducing carbon emissions, Sinn argues, will we have a chance of staving off climate disaster.
Download or read book Global Carbon Pricing written by Peter Cramton and published by MIT Press. This book was released on 2017-06-16 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why the traditional “pledge and review” climate agreements have failed, and how carbon pricing, based on trust and reciprocity, could succeed. After twenty-five years of failure, climate negotiations continue to use a “pledge and review” approach: countries pledge (almost anything), subject to (unenforced) review. This approach ignores everything we know about human cooperation. In this book, leading economists describe an alternate model for climate agreements, drawing on the work of the late Nobel laureate Elinor Ostrom and others. They show that a “common commitment” scheme is more effective than an “individual commitment” scheme; the latter depends on altruism while the former involves reciprocity (“we will if you will”). The contributors propose that global carbon pricing is the best candidate for a reciprocal common commitment in climate negotiations. Each country would commit to placing charges on carbon emissions sufficient to match an agreed global price formula. The contributors show that carbon pricing would facilitate negotiations and enforcement, improve efficiency and flexibility, and make other climate policies more effective. Additionally, they analyze the failings of the 2015 Paris climate conference. Contributors Richard N. Cooper, Peter Cramton, Ottmar Edenhofer, Christian Gollier, Éloi Laurent, David JC MacKay, William Nordhaus, Axel Ockenfels, Joseph E. Stiglitz, Steven Stoft, Jean Tirole, Martin L. Weitzman
Download or read book Tools of the Trade written by Canada. Environment Canada and published by Canadian Government Publishing. This book was released on 2005 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This guidebook is intended as a reference for policymakers and regulators considering cap and trade as a policy tool to control pollution. It is intended to be sufficiently generic to apply to various pollutants and environmental concerns; however, it emphasizes cap and trade to control emissions produced from stationary source combustion."--Page 1-1, Introduction.
Download or read book Can We Price Carbon written by Barry G. Rabe and published by MIT Press. This book was released on 2018-04-20 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: A political science analysis of the feasibility and sustainability of carbon pricing, drawing from North American, European, and Asian case studies. Climate change, economists generally agree, is best addressed by putting a price on the carbon content of fossil fuels—by taxing carbon, by cap-and-trade systems, or other methods. But what about the politics of carbon pricing? Do political realities render carbon pricing impracticable? In this book, Barry Rabe offers the first major political science analysis of the feasibility and sustainability of carbon pricing, drawing upon a series of real-world attempts to price carbon over the last two decades in North America, Europe, and Asia. Rabe asks whether these policies have proven politically viable and, if adopted, whether they survive political shifts and managerial challenges over time. The entire policy life cycle is examined, from adoption through advanced implementation, on a range of pricing policies including not only carbon taxes and cap-and-trade but also such alternative methods as taxing fossil fuel extraction. These case studies, Rabe argues, show that despite the considerable political difficulties, carbon pricing can be both feasible and durable.
