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Bankable Pollution Permits under Uncertainty and Optimal Risk Management Rules: Theory and Empirical Evidence

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  • Julien Chevallier
  • Johanna Etner
  • Pierre-André Jouvet

Abstract

An increase in the demand for agricultural goods leads to the use of more intensive cultivation methods. Though Ricardo sees no difficulties in the intensification process, their existence is revealed by the possible occurrence of multiple equilibria. A general theory of intensive rent is based on a formal parallel with single-product systems without land.

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File URL: http://economix.fr/pdf/dt/2008/WP_EcoX_2008-25.pdf
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Bibliographic Info

Paper provided by University of Paris West - Nanterre la Défense, EconomiX in its series EconomiX Working Papers with number 2008-25.

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Length: 47 pages
Date of creation: 2008
Date of revision:
Handle: RePEc:drm:wpaper:2008-25

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Keywords: Firm behavior; Tradable permits; Policy risk; EU ETS;

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References

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  1. Emilie Alberola & Julien Chevallier, 2009. "European Carbon Prices and Banking Restrictions: Evidence from Phase I (2005-2007)," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 51-80.
  2. Stavins, Robert, 2004. "Environmental Economics," Discussion Papers dp-04-54, Resources For the Future.
  3. Newbery, D., 2006. "Climate change policy and its effect on market power in the gas market," Cambridge Working Papers in Economics 0606, Faculty of Economics, University of Cambridge.
  4. Bohm, Peter & Russell, Clifford S., 1985. "Comparative analysis of alternative policy instruments," Handbook of Natural Resource and Energy Economics, in: A. V. Kneese† & J. L. Sweeney (ed.), Handbook of Natural Resource and Energy Economics, edition 1, volume 1, chapter 10, pages 395-460 Elsevier.
  5. Ada Wossink & Cornelis Gardebroek, 2006. "Environmental Policy Uncertainty and Marketable Permit Systems: The Dutch Phosphate Quota Program," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 88(1), pages 16-27.
  6. Emilie Alberola & Benoît Chèze & Julien Chevallier, 2008. "The EU Emissions Trading Scheme : Disentangling the Effects of Industrial Production and CO2 Emissions on Carbon Prices," EconomiX Working Papers 2008-12, University of Paris West - Nanterre la Défense, EconomiX.
  7. Kling, Catherine L. & Rubin, Jonathan, 1997. "Bankable Permits for the Control of Environmental Pollution," Staff General Research Papers 1479, Iowa State University, Department of Economics.
  8. Cropper, Maureen L & Oates, Wallace E, 1992. "Environmental Economics: A Survey," Journal of Economic Literature, American Economic Association, vol. 30(2), pages 675-740, June.
  9. Miles S. Kimball, 1989. "Precautionary Saving in the Small and in the Large," NBER Working Papers 2848, National Bureau of Economic Research, Inc.
  10. Rubin, Jonathan D., 1996. "A Model of Intertemporal Emission Trading, Banking, and Borrowing," Journal of Environmental Economics and Management, Elsevier, vol. 31(3), pages 269-286, November.
  11. Paul Leiby & Jonathan Rubin, 2001. "Intertemporal Permit Trading for the Control of Greenhouse Gas Emissions," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 19(3), pages 229-256, July.
  12. Christian Gollier, 2004. "The Economics of Risk and Time," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262572249, December.
  13. Emilic Alberola & Julien Chevallier & Benoit Cheze, 2008. "The EU Emissions Trading Scheme: the Effects of Industrial Production and CO2 Emissions on Carbon Prices," Economie Internationale, CEPII research center, issue 116, pages 93-126.
  14. Ben-David, Shaul & Brookshire, David S. & Burness, Stuart & McKee, Michael & Schmidt, Christian, 1999. "Heterogeneity, Irreversible Production Choices, and Efficiency in Emission Permit Markets," Journal of Environmental Economics and Management, Elsevier, vol. 38(2), pages 176-194, September.
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Citations

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Cited by:
  1. Chevallier, Julien, 2011. "Intertemporal Emissions Trading and Market Power : A Dominant Firm with Competitive Fringe Model," Economics Papers from University Paris Dauphine 123456789/4601, Paris Dauphine University.
  2. Chevallier, Julien, 2011. "The European Carbon Market (2005-2007): Banking, Pricing and Risk-Hedging Strategies," Economics Papers from University Paris Dauphine 123456789/6789, Paris Dauphine University.
  3. Trotignon, Raphaël & De Perthuis, Christian, 2012. "Marché européen des quotas de CO2 : Les enjeux du passage à la phase 3," Economics Papers from University Paris Dauphine 123456789/10237, Paris Dauphine University.

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