Unintended consequences of price controls: An application to allowance markets
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Price-based collars may not be entirely immune to speculative attacks.
“though they may not be entirely immune to speculative attacks either (Stocking 2012).”
From The Market Stability Reserve in the EU Emissions Trading System: A Critical Review (2023) · cites this paper as Stocking 2012
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“…(Burtraw et al.2022,MacKenzie 2022) do not suffer from this shortcoming, though they may not be entirely immune to speculative attacks either (Stocking 2012). it should ideally be supplemented by consignment auctions in order to enhance opportunity cost evaluation, instill an increased…”
BackgroundEmissions trading with rolling horizons
Quemin, S., & Trotignon, R. (2021) · Journal of Economic Dynamics and Control · doi:10.1016/j.jedc.2021.104099 · Cited by 50 · see citing works
“See Stocking (2012) for an example of manipulation under a hard price ceiling where purchasing permits at the ceiling price when the market price is lower is not cost efficient but may reduce the overall compliance cost by relaxing the cap.”
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“Another key issue is whether market participants can manipulate the mechanism to their advantage at the expense of society at large, a possibility discussed by Stocking.(56) Finally, to be effective, these policies must be credible by making it costly for the government to alter them even when there are significant sh…”
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- Authors
- Stocking, A.
- Affiliations
- Congressional Budget Office (US)
- Corresponding author
- Stocking, Andrew
- Venue
- Journal of Environmental Economics and Management
- Publisher
- Elsevier BV
- Published
- 2012-01
- Volume
- 63
- Issue
- 1
- Pages
- 120-136
- ISSN
- 0095-0696 (ISSN-L)
- OpenAlex
- W1987452355
- Cited by
- 25
- References
- 29
- Citations by year
- 2026: 1 · 2025: 2 · 2024: 1 · 2023: 2 · 2022: 1 · 2021: 2 · 2018: 4 · 2015: 2 · 2014: 3 · 2013: 4 · 2012: 1
- FWCI
- 6.50
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Journal of Environmental Economics and Management (publishedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Climate Change Policy and Economics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Merger and Competition Analysis
- Social Sciences › Business, Management and Accounting › Strategy and Management › Regulation and Compliance Studies
- Keywords
- price controls, emissions trading, price ceiling, price floor, strategic behavior, market manipulation, emission allowances, government revenue, unintended consequences, cost uncertainty
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