Emissions trading systems with cap adjustments
Open accessAbstract
Emissions Trading Systems (ETSs) with fixed caps lack provisions to address systematic imbalances in the supply and demand of permits due to changes in the state of the regulated economy. We propose a mechanism which adjusts the allocation of permits based on the current bank of permits. The mechanism spans the spectrum between a pure quantity instrument and a pure price instrument. We solve the firms׳ emissions control problem and obtain an explicit dependency between the key policy stringency parameter—the adjustment rate—and the firms׳ abatement and trading strategies. We present an analytical tool for selecting the optimal adjustment rate under both risk-neutrality and risk-aversion, which provides an analytical basis for the regulator׳s choice of a responsive ETS policy.
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- Authors
- Kollenberg, S., & Taschini, L.
- Affiliations
- University of Duisburg-Essen (DE)
- London School of Economics and Political Science (GB)
- Corresponding author
- Taschini, Luca
- ORCID
- Taschini, Luca
- Venue
- Journal of Environmental Economics and Management
- Publisher
- Elsevier BV
- Published
- 2016-11
- Volume
- 80
- Pages
- 20-36
- ISSN
- 0095-0696 (ISSN-L)
- OpenAlex
- W2911748944
- Cited by
- 107
- References
- 23
- Citations by year
- 2026: 7 · 2025: 14 · 2024: 17 · 2023: 11 · 2022: 10 · 2021: 6 · 2020: 16 · 2019: 10 · 2018: 8 · 2017: 5 · 2016: 3
- FWCI
- 16.87
- Type
- journal article
- Language
- en
- Open access
- hybrid
- doi.org
- Locations
- Journal of Environmental Economics and Management (publishedVersion, cc-by)
- RePEc: Research Papers in Economics (submittedVersion)
- London School of Economics and Political Science Research Online (London School of Economics and Political Science) (submittedVersion)
- London School of Economics and Political Science Theses Online (London School of Economics and Political Science) (submittedVersion)
- Funders
- European Commission (308481)
- Bundesministerium für Bildung und Forschung
- Universität Duisburg-Essen
- Economic and Social Research Council (ES/K006576/1)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Climate Change Policy and Economics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Energy, Environment, Economic Growth
- Physical Sciences › Environmental Science › Pollution › Environmental Policies and Emissions
- Keywords
- emissions trading system, permit allocation, abatement strategies, risk aversion, regulatory stringency, carbon pricing
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
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