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Emission Quota Trade among the Few: Laboratory Evidence of Joint Implementation among Committed Countries The Complete Version

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Author Info

  • Bohm, Peter

    (Dept. of Economics, Stockholm University)

  • Carlén, Björn

    ()
    (Dept. of Economics, Stockholm University)

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    Abstract

    The purpose of the laboratory tests reported here is to identify a well-functioning design, tailored for an upcoming unique experiment using real-world relevant decision makers for carbon emission reduction trade among four countries committed to binding carbon emission limits, a form of so-called joint implementation. For reasons given in the paper, the design is required to promote high trade efficiency and a small scope for arbitrage. All designs tested reached high levels of efficiency (87-99%), which is noteworthy given the small number of traders. Attempts to adjust design to reduce or eliminate arbitrage were successful in the final test rounds.

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    Bibliographic Info

    Paper provided by Stockholm University, Department of Economics in its series Research Papers in Economics with number 1997:5.

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    Length: 38 pages
    Date of creation: 06 May 1998
    Date of revision:
    Publication status: Published in Resource and Energy Economics, 1999, pages 43-66.
    Handle: RePEc:hhs:sunrpe:1997_0005

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    Postal: Department of Economics, Stockholm, S-106 91 Stockholm, Sweden
    Phone: +46 8 16 20 00
    Fax: +46 8 16 14 25
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    Web page: http://www.ne.su.se/
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    Keywords: carbon emission reduction trade; joint implementation; experimental economics;

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    References

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    1. R. Andrew Muller & Stuart Mestelman, 1994. "Emission Trading with Shares and Coupons: A Laboratory Experiment," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 185-211.
    2. R. Preston McAfee & John McMillan, 1996. "Analyzing the Airwaves Auction," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 159-175, Winter.
    3. Cason, Timothy N. & Plott, Charles R., 1996. "EPA's New Emissions Trading Mechanism: A Laboratory Evaluation," Journal of Environmental Economics and Management, Elsevier, vol. 30(2), pages 133-160, March.
    4. Roth, Alvin E, 1994. "Lets Keep the Con out of Experimental Econ.: A Methodological Note," Empirical Economics, Springer, vol. 19(2), pages 279-89.
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