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An Estimation of Market-Based Carbon-Emission Prices Using Comparative Analogy: A Korean Case

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  • Saedaseul Moon, Deok-Joo Lee, Taegu Kim, and Kyung-Taek Kim

Abstract

In 2015, Korea became one of the pioneering countries to implement ETS nationwide in Asia. The purpose of this paper is to estimate the market-based prices of carbon credits in Korea by using a comparative analogy approach. In this paper, the comparative analogy is applied as follows: Based on the assumption that the factors affecting carbon prices would be same with the those of EU ETS which is the most matured market in the world, we attempt to estimate the market-based carbon prices of Korea with the estimation model obtained by using the data from EU ETS. After estimating the market-based price of carbon in Korea, we compare the estimated price to the actual observed prices and analyze the reasons why there existed the gap between both prices. Furthermore, we examine the properties of the estimated market-based price with respect to the changes of factors affecting the carbon price through sensitivity analysis

Suggested Citation

  • Saedaseul Moon, Deok-Joo Lee, Taegu Kim, and Kyung-Taek Kim, 2019. "An Estimation of Market-Based Carbon-Emission Prices Using Comparative Analogy: A Korean Case," The Energy Journal, International Association for Energy Economics, vol. 0(The New E).
    • Handle: RePEc:aen:journl:ej40-si1-lee
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    Citations

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    Cited by:

    1. Benoît Chèze, Julien Chevallier, Nicolas Berghmans, and Emilie Alberola, 2020. "On the CO2 Emissions Determinants During the EU ETS Phases I and II: A Plant-level Analysis Merging the EUTL and Platts Power Data," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4), pages 153-184.
    2. Wei, Yigang & Li, Yan & Wang, Zhicheng, 2022. "Multiple price bubbles in global major emission trading schemes: Evidence from European Union, New Zealand, South Korea and China," Energy Economics, Elsevier, vol. 113(C).
    3. Jung, Jihyeok & Moon, Saedaseul & Yeo, Sangmin & Lee, Deok-Joo, 2023. "How would the carbon market affect the choice of input factors for production? A duopolistic model," Energy, Elsevier, vol. 282(C).

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    JEL classification:

    • F0 - International Economics - - General

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