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Large-Country Effects in International Emissions Trading: A Laboratoty Test

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  • Carlén, Björn

    ()
    (Dept. of Economics, Stockholm University)

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    Abstract

    The Experiment mimics carbon emissions trade among twelve industrialized countries during the end of a five-year-long trading period when traders are likely to have nearly full information about the underlying net demand. Trade is assumed to be governed by so-called double-auction rules. The hypotheses are i) and ii) that larger countries would not be able to influence price levels to their advantage. The findings support the first hypothesis but are inconclusive regarding the second. although they illustrate that large country may not be able to sustain favorable prices.

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    Bibliographic Info

    Paper provided by Stockholm University, Department of Economics in its series Research Papers in Economics with number 1999:15.

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    Length: 39 pages
    Date of creation: 03 Oct 1999
    Date of revision:
    Publication status: Published in The Energy Journal, 2003, pages 1-26.
    Handle: RePEc:hhs:sunrpe:1999_0015

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    Keywords: Carbon emission trading; Market Power; Experimental economics;

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    References

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    1. Bohm, Peter & Carlen, Bjorn, 1999. "Emission quota trade among the few: laboratory evidence of joint implementation among committed countries," Resource and Energy Economics, Elsevier, vol. 21(1), pages 43-66, January.
    2. Friedman, Daniel, 1991. "A simple testable model of double auction markets," Journal of Economic Behavior & Organization, Elsevier, vol. 15(1), pages 47-70, January.
    3. Ledyard, John O. & Szakaly-Moore, Kristin, 1994. "Designing organizations for trading pollution rights," Journal of Economic Behavior & Organization, Elsevier, vol. 25(2), pages 167-196, October.
    4. Hahn, Robert W, 1984. "Market Power and Transferable Property Rights," The Quarterly Journal of Economics, MIT Press, vol. 99(4), pages 753-65, November.
    5. Smith, Vernon L. & Williams, Arlington W., 1982. "The effects of rent asymmetries in experimental auction markets," Journal of Economic Behavior & Organization, Elsevier, vol. 3(1), pages 99-116, March.
    6. Steven Gjerstad & John Dickhaut, 2003. "Price Formation in Double Auctions," Microeconomics 0302001, EconWPA.
    7. Easley, David & Ledyard, John., . "Theories of Price Formation and Exchange in Double Oral Auctions," Working Papers 611, California Institute of Technology, Division of the Humanities and Social Sciences.
    8. R. Andrew Muller & Stuart Mestelman & John Spraggon & Rob Godby, 1999. "Can auctions control market power in emissions trading markets," Department of Economics Working Papers 1999-12, McMaster University.
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