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An Experimental Study of Electronic Bulletin Board Trading for Emission Permits

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Author Info

  • Cason, T.N.
  • Gangadharan, L.

Abstract

This paper reports a laboratory experiment that studies several specific features of the Regional Clean Air Incentives Market (RECLAIM), a tradable emission permit program intended to lower the cost of meeting federal air quality standards in the Los Angeles area. It assesses the impact of some permit trading rules and alternative regulatory policies on market performance. The experiment focuses on a new centralized system of trading called the Electronic Bulletin Board.

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Bibliographic Info

Paper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 592.

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Length: 28 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:mlb:wpaper:592

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Postal: Department of Economics, The University of Melbourne, 5th Floor, Economics and Commerce Building, Victoria, 3010, Australia
Phone: +61 3 8344 5289
Fax: +61 3 8344 6899
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Web page: http://www.economics.unimelb.edu.au
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Keywords: ENVIRONMENT ; EXPERIMENTS ; TRADE;

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Cited by:
  1. Piotr Nowak & Maciej Romaniuk, 2009. "Applying fuzzy parametersin pricing financial derivatives inspiredby the kyoto protocol," Operations Research and Decisions, Wroclaw University of Technology, Institute of Organization and Management, vol. 4, pages 77-91.
  2. Hans-Theo Normann & Roberto Ricciuti, 2009. "Laboratory Experiments For Economic Policy Making," Journal of Economic Surveys, Wiley Blackwell, vol. 23(3), pages 407-432, 07.
  3. Bodo Sturm & Joachim Weimann, 2006. "Experiments in Environmental Economics and Some Close Relatives," Journal of Economic Surveys, Wiley Blackwell, vol. 20(3), pages 419-457, 07.
  4. Duke, Charlotte & Gangadharan, Lata, 2005. "Regulation in Environmental Markets: What can we learn from Experiments to Reduce Salinity?," 2005 Conference (49th), February 9-11, 2005, Coff's Harbour, Australia 137857, Australian Agricultural and Resource Economics Society.
  5. Noussair, C.N. & Soest, D.P. van, 2014. "Economic Experiments and Environmental Policy: A Review," Discussion Paper 2014-001, Tilburg University, Center for Economic Research.
  6. Morten Søberg, 2000. "Imperfect competition, sequential auctions, and emissions trading: An experimental evaluation," Discussion Papers 280, Research Department of Statistics Norway.
  7. Larson, Donald F. & Parks, Paul, 1999. "Risks, lessons learned, and secondary markets for greenhouse gas reductions," Policy Research Working Paper Series 2090, The World Bank.
  8. Bohm, Peter, 2003. "Experimental evaluations of policy instruments," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 1, chapter 10, pages 437-460 Elsevier.
  9. Tisdell, John G. & Grainger, Corinne, 2008. "An Experimental Economic Analysis of Carbon Trading Options for Australia," 2008 Conference, August 28-29, 2008, Nelson, New Zealand 96661, New Zealand Agricultural and Resource Economics Society.
  10. Robert Godby, 2002. "Market Power in Laboratory Emission Permit Markets," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 23(3), pages 279-318, November.
  11. Hizen, Y. & Saijo, T., 2000. "Designing GHG Emissions Trading Institutions in the Kyoto Protocol: an Experimental Approach," ISER Discussion Paper 0492, Institute of Social and Economic Research, Osaka University.
  12. Shaul Ben-David & David Brookshire & Stuart Burness & Michael McKee & Christian Schmidt, 2000. "Attitudes toward Risk and Compliance in Emission Permit Markets," Land Economics, University of Wisconsin Press, vol. 76(4), pages 590-600.
  13. Timothy Cason, 2003. "Buyer Liability and Voluntary Inspections in International Greenhouse Gas Emissions Trading: A Laboratory Study," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 25(1), pages 101-127, May.
  14. Veronika Grimm & Lyuba Ilieva, 2013. "An experiment on emissions trading: the effect of different allocation mechanisms," Journal of Regulatory Economics, Springer, vol. 44(3), pages 308-338, December.
  15. Lata Gangadharan, 2004. "Analysis of prices in tradable emission markets: an empirical study of the regional clean air incentives market in Los Angeles," Applied Economics, Taylor & Francis Journals, vol. 36(14), pages 1569-1582.
  16. Parry, Ian & Fischer, Carolyn & Jawahar, Puja & Aguilar , Francisco, 2005. "Corporate Codes of Conduct: Is Common Environmental Content Feasible?," Discussion Papers dp-05-09, Resources For the Future.
  17. Lisa R. Anderson & Sarah L. Stafford, 2000. "Choosing Winners and Losers in a Classroom Permit Trading Game," Southern Economic Journal, Southern Economic Association, vol. 67(1), pages 212-219, July.

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