Comparative Analysis of Emerging Green Certificate Markets from a Computable General Equilibrium Perspective
AbstractWhether 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 InfoArticle 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)
computational economics; general equilibrium; globalisation; multi-period model; optimising behaviour.;
Find related papers by JEL classification:
- C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
- M39 - Business Administration and Business Economics; Marketing; Accounting - - Marketing and Advertising - - - Other
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