1,721,136 research outputs found
The EU ETS
Full text linkThis chapter provides a brief overview of the EU ETS. It outlines the design and scope of this market, presents data on aggregate allocation as well as emissions, and summarizes the development of allowance prices between 2005 and today
Market Power in Emission Permit Markets: Theory and Evidence from the EU ETS
Full text linkA well-known result about market power in emission permit markets is that efficiency can be achieved by full free allocation to the dominant firm. I show that this result breaks down when taking the interaction between input and output markets into account, even if the dominant firm perceives market power in the permit market alone. I then examine the empirical evidence for price manipulation by the ten largest electricity firms during phase I of the EU ETS. I find that some firms’ excess allowance holdings are consistent with strategic price manipulation, and that they cannot be explained by price speculation or by precautionary purchases to insure against uncertain future emissions. My results suggest that market power is likely to be an empirically relevant concern during the early years of emission permit markets
Emissions trading as a policy instrument : evaluation and prospects
No full textThis book is the result of a workshop about emission permit markets in Venice, organized by the editors in collaboration with CESifo. The individual contributions were written independently of each other and differ in topic and methodology, yet they share the underlying theme of theoretical and empirical research in emission permit markets. The chapters are grouped into four thematic sections: A discussion of the development of the EU ETS since its beginning to the present; political economy considerations; interactions with parallel instruments for climate policy; and firm behavior in this new market. Although all contributions are economic in nature, they depart from rigorous assumptions often encountered in economics research, or examine to what extent market participants’ action can in fact be explained by neoclassical theory. The overall findings are that the market appears to work in the sense that there is a single price for allowances, and that emissions have been kept below the cap. However, several chapters show that the market is not fully efficient due to reasons such as rent seeking, transactions costs, limited information, regulatory uncertainty, over-allocation and interactions with other climate instruments. Some of these problems have been addressed by the European Commission in the context of rule changes for Phase 3, whereas others have been mitigated by learning on behalf of market participants. Overall, we view the EU ETS as a successful implementation of market-based environmental policy. However, in order to improve the ecological efficiency of the scheme, the future emissions cap should be decreased
Climate Policies in the Electricity Sector: Empirical Assessments of Renewable Energy Promotion and Carbon Pricing
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Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Allowance price drivers in the first phase of the EU ETS
No full textIn the first phase of the EU Emissions Trading Scheme (EU ETS), the price per ton of CO2 initially rose to over [euro]30; the price then collapsed to essentially zero by mid 2007. By deriving a structural model of the allowance price under the assumption of efficient markets I examine the extent to which this variation in price can be explained by marginal abatement costs. I then gradually relax the model by allowing for delayed adjustment of price to fundamentals, as well as by introducing lagged LHS variables. The pattern of results suggests that while prices were not initially driven by marginal abatement costs, this inefficiency was largely corrected after the accounting of 2005 emissions in April 2006.Emissions permit markets Air pollution Climate change Bubble Speculation CO2 Asset pricing EU ETS
Allowance price drivers in the first phase of the EU ETS
Full text linkIn the first phase of the EU Emissions Trading Scheme (EU ETS), the price per ton of CO2 initially rose to over €30; the price then collapsed to essentially zero by mid 2007. By deriving a structural model of the allowance price under the assumption of efficient markets I examine the extent to which this variation in price can be explained by marginal abatement costs. I then gradually relax the model by allowing for delayed adjustment of price to fundamentals, as well as by introducing lagged LHS variables. The pattern of the results suggests that while prices were not initially driven by marginal abatement costs, this inefficiency was largely corrected after the accounting of 2005 emissions in April 2006
Anatomische Rekonstruktion des Außenbandkomplexes am Sprunggelenk
Full text linkZusammenfassung: Operationsziel: Rekonstruktion der Ligamenta fibulotalare anterius und fibulocalcaneare zur Wiederherstellung der Bandstabilität und Funktion in den Sprunggelenken. Indikationen: Chronische Verletzungsfolgen mit Instabilität und Beschwerden, konservativ nicht behebbar. Fehlendes Bandmaterial zur Rekonstruktion. Kontraindikationen: Konstitutionelle Laxität der Sprunggelenkbänder. Calcaneus varus ohne gleichzeitige Korrektur. Periphere Gefäßerkrankungen. Operationstechnik: Rekonstruktion der Bänder mit Hilfe eines etwa 18 cm langen Transplantats aus der Plantarissehne oder bei deren Fehlen aus den Zehenstrecksehnen III und IV. Das Transplantat wird über Bohrkanäle im Außenknöchel, Talushals und Kalkaneus an die anatomischen Ursprünge und Insertionen geführt und unter leichter Spannung mit sich selbst vernäht. Bandreste werden miteinbezogen. Ergebnisse: 42 Patienten mit 44 Sprunggelenken wurden operiert. 41 Patienten mit 43 Sprunggelenken konnten im Mittel nach 32 Monaten (neun bis 98 Monate) nachkontrolliert werden. 39 operierte Patienten (41 Sprunggelenke) waren sportlich so aktiv wie vor dem Eingriff; zwei Patienten (zwei Sprunggelenke) stellten ihre Sportaktivitäten aus anderen Gründen ein. Einer der 42 Patienten hatte postoperativ erneut ein schweres Distorsionstrauma erlitten, das unter konservativer Behandlung vollständig heilte. Nach dem <<Ankle-Hindfoot-Scale” (Tablelle 1) erreichten die 41 Patienten (43 Sprunggelenke) einen Punktwert von 98,
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