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Zeitschrift für Energiewirtschaft

, Volume 36, Issue 2, pp 101–111 | Cite as

Quantifying the CO2 Permit Price Sensitivity

  • Georg Grüll
  • Rüdiger Kiesel
Article

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

CO2 emission allowances Equilibrium model Price sensitivity Banking value 

Quantifizierung der CO2-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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Copyright information

© Vieweg+Teubner 2012

Authors and Affiliations

  1. 1.Institute of Energy Trading and Financial ServicesUniversity of Duisburg-EssenEssenGermany

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