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| Author: | Grüll, G. Taschini, L. |
| Title: | Cap-and-trade properties under different hybrid scheme designs |
| Journal: | Journal of Environmental Economics and Management
2011 : JAN, VOL. 61:1, p. 107-118 |
| Index terms: | markets prices options |
| Freeterms: | emissions trading allowance reserves safety valve offset |
| Language: | eng |
| Abstract: | This study explores the key design mechanisms of existing and proposed cap-and-trade markets. It is shown that the hybrid systems under investigation can be broken into a combination of an ordinary cap-and-trade scheme with European- or American-style call and put options. The advantages and disadvantages of the proposed hybrid schemes are quantified by examining whether pre-set objectives can be met while maintaining the original environmental targets. Plain basic options are proposed as an alternative for matching the otherwise conflicting policy objectives with each other. |
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