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Comparative Analysis of Emerging Green Certificate Markets from a Computable General Equilibrium Perspective

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  • Cristina GALALAE

    ()
    (The Bucharest Academy of Economic Studies, Romania)

  • Alexandru VOICU

    ()
    (The Bucharest Academy of Economic Studies, Romania)

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    Abstract

    Whether using market mechanisms to allocate green certificates in various countries is an optimal solution for stimulating green electricity production represents a question proposed by numerous recent comparative analyses, with opinions being split. Our paper proposes a differing perspective, employing modern computational economics techniques in order to study if general equilibrium is achievable, nationally and internationally, and how it compares with the non-market steady state. We analyse the field, determining exogenous and endogenous factors of influence that we cast into functional relationships via econometric estimation. Subsequently, we study four multi-period general equilibrium models, recursive and non-recursive, solving the latter ones via a Johansen/Euler method for simultaneous all-year computation. General equilibrium is shown to be achievable but dependent on country specific conditions, with optimality being relative in a globalised context. In closing, we present a case study focused on providing useful guidelines for future international marketing efforts in this domain.

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    Bibliographic Info

    Article provided by Faculty of Management, Academy of Economic Studies, Bucharest, Romania in its journal ECONOMIA seria MANAGEMENT / ECONOMY - MANAGEMENT series.

    Volume (Year): 14 (2011)
    Issue (Month): 2 (December)
    Pages: 392-398

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    Handle: RePEc:rom:econmn:v:14:y:2011:i:2:p:392-398

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    Related research

    Keywords: computational economics; general equilibrium; globalisation; multi-period model; optimising behaviour.;

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