# Quantifying the CO_{2} Permit Price Sensitivity

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## Abstract

Equilibrium models have been widely used in the literature with the aim of showing theoretical properties of emissions trading schemes. This paper applies equilibrium models to empirically study permit prices and to quantify the permit price sensitivity. In particular, we demonstrate that emission trading schemes both with and without banking are inherently prone to price jumps.

## Keywords

CO_{2}emission allowances Equilibrium model Price sensitivity Banking value

# Quantifizierung der CO_{2}-Zertifikate-Preis Sensitivität

## Zusammenfassung

Zur Untersuchung der theoretischen Eigenschaften von Emissionshandelssystemen wurden in der Literatur meist Gleichgewichtsmodelle genutzt. In diesem Artikel nutzen wir Gleichgewichtsmodelle zur empirischen Untersuchung von Zertifikatepreisen und ihren Sensitivitäten. Wir zeigen insbesondere, daß Emissionshandelssysteme (auch wenn Banking zugelassen ist) Preisprozesse generieren, die Sprünge enthalten.

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