工作论文（总135篇）Market power and behaviors of intertemporal permit trading
来源：本站原创;发表于:2019-01-15;人气指数:3550
Market power and inter-temporal behavior
in tradable permits systems
Minxing Jiang1, Bangzhu, Zhu1
(Business School, Nanjing University of Information Scince and Technology, Nanjing, Jiangsu, 210044)
Abstract:Banking and borrowing (BB) systems have been developed gradually in tradable permits markets to serve as an environmental management tool. This paper mainly explores the conditions for intertemporal efficiency in the context of market power on tradable permits when considering the output market. We examine the welfare performance of different systems (with or without BB systems) with different initial allocation policies (emissions budget and production planning). The initial allocation conditions for efficiency solutions are derived, which is different from the case without the output market. The total emissions of each firm remain the same with or without BB systems. The welfare gains are higher with BB systems due to less efficiency loss. The welfare performance in two initial allocation policies depends upon the value of total marginal benefits of tradable permits over the horizon given that the firms have the same emissions budget.
Keywords: banking and borrowing; market power; intertemporal trading; efficiency; initial allocation
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