CICERO Working Paper 2007:01
Trading for the Future
Signaling in Permit Markets
Bård Harstad and Gunnar S. Eskeland February 2007
CICERO
Center for International Climate and Environmental Research
P.O. Box 1129 Blindern N-0318 Oslo, Norway Phone: +47 22 85 87 50
Fax: +47 22 85 87 51 E-mail: admin@cicero.uio.no
Web: www.cicero.uio.no
CICERO Senter for klimaforskning P.B. 1129 Blindern, 0318 Oslo
Telefon: 22 85 87 50 Faks: 22 85 87 51 E-post: admin@cicero.uio.no
Nett: www.cicero.uio.no
Tittel: Trading for the Future: Signaling in Permit Markets
Title: Trading for the Future: Signaling in Permit Markets
Forfatter(e): Bård Harstad and Gunnar S. Eskeland Author(s): Bård Harstad and Gunnar S. Eskeland CICERO Working Paper 2007:01
23 sider
CICERO Working Paper 2007:01 23 pages
Finansieringskilde: EU the Mistra Foundation Financed by: EU the Mistra Foundation Prosjekt: ADAM and CLIPORE Project: ADAM and CLIPORE
Prosjektleder: Gunnar Eskeland Project manager: Gunnar Eskeland Kvalitetsansvarlig: Asbjørn Aaheim Quality manager: Asbjørn Aaheim
Nøkkelord: kvotehandel, byrdefordeling, kostnads- effektivitet
Keywords: emissions trading, burden sharing, cost- effectiveness
Sammendrag:.
Abstract:
Tradable pollution permits are celebrated as a political instrument since they allow (i) firms to equalize marginal abatement costs through trade and (ii) they government to distribute the burden of the policy in a politically fair and feasible way. These two concerns, however, conflict in a dynamic setting. Anticipating that high-cost firms will receive more permits in the future, firms purchase excessive amounts of permits to signal high costs. This raises the price above marginal costs and distorts abatements. Prohibiting trade is better if the heterogeneity between the firms is small, if the (shadow) price for permits is large, and if the government redistributes permits frequently. Thus, important environmental problems should not be solved by tradable permits unless the government can commit not to intervene.
Språk: Engelsk Language of report: English
Rapporten kan bestilles fra:
CICERO Senter for klimaforskning P.B. 1129 Blindern
0318 Oslo
Eller lastes ned fra:
http://www.cicero.uio.no
The report may be ordered from:
CICERO (Center for International Climate and Environmental Research – Oslo)
PO Box 1129 Blindern 0318 Oslo, NORWAY Or be downloaded from:
http://www.cicero.uio.no
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