English, Article, Journal or magazine article edition: Evaluating Emission Trading as a Policy Tool - Evidence from Conditional Jump Models Marc Gronwald; Janina Ketterer

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Bookmark: http://trove.nla.gov.au/version/147773
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Evaluating Emission Trading as a Policy Tool - Evidence from Conditional Jump Models
Author
  • Marc Gronwald
  • Janina Ketterer
Physical Description
  • preprint
Notes
  • This paper, first, empirically investigates European emission allowance (EUA) prices and, second, evaluates emission trading as a policy measure. Applying combined jump GARCH models yields strong evidence of conditional jump behavior. This implies that EUA prices are subject to unexpected movements and that a considerable degree of uncertainty is present. According to the real option literature, uncertainty has adverse effects on investment decisions. Thus, investments in abatement technologies are likely to be postponed due to the peculiar characteristics of emission allowance prices. Furthermore, this price behavior is at odds with the theoretical notion that emission prices equal marginal abatement costs.
  • emission allowance prices, jumps, GARCH, real options
  • RePEc:ces:ceswps:_2682
Language
  • English
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