English, Article, Journal or magazine article edition: Emissions Trading and Profit-Neutral Grandfathering Cameron Hepburn; John K.-H. Quah; Robert A. Ritz

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Bookmark: http://trove.nla.gov.au/version/21093
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Emissions Trading and Profit-Neutral Grandfathering
Author
  • Cameron Hepburn
  • John K.-H. Quah
  • Robert A. Ritz
Physical Description
  • preprint
Notes
  • This paper examines the amount of grandfathering needed for an emissions trading scheme (ETS) to have a neutral impact on firm profits. We provide a simple formula to calculate profit-neutral grandfathering in a Cournot model with firms of different sizes and a general demand function. Using this formula, we obtain estimates of profit-neutral grandfathering for the electricity, cement, newsprint and steel industries. Under the current EU ETS, firms obtain close to full grandfathering; we show that while this may still leave some firms worse off, others have probably benefitted substantially. We find no evidence that any industry as a whole could be worse off with full grandfathering. We also show that the common presumption that a higher rate of cost pass-through lowers profit-neutral grandfathering is unreliable
  • Emissions Trading, Emissions Permits, Grandfathering Firm Profits, Cost Pass-Through, Market Structure
  • RePEc:oxf:wpaper:295
Language
  • English
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