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Banking behavior under uncertainty: Evidence from the US Sulfur Dioxide Emissions Allowance Trading Program

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Author Info

  • Olivier ROUSSE
  • Benoît SEVI

Abstract

The aim of this paper is to examine portfolio management of emission allowances in the US Sulfur Dioxide Emissions Allowance Trading Program, to determine whether utilities have a real motive to bank when risk increases. We test a theoretical model linking the motivation of the firm to accumulate permits in order to prepare itself to face a risky situation in the future. Empirical estimation using data for years 2001 to 2004 provides evidence of a relationship between banking behavior and uncertainty the utility is facing with.

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File URL: http://www.creden.univ-montp1.fr/downloads/cahiers/CC-06-02-63.pdf
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Bibliographic Info

Paper provided by CREDEN (Centre de Recherche en Economie et Droit de l'Energie), Faculty of Economics, University of Montpellier 1 in its series Cahiers du CREDEN (CREDEN Working Papers) with number 06.02.63.

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Length: 20 pages
Date of creation: 2006
Date of revision:
Handle: RePEc:mop:credwp:06.02.63

Contact details of provider:
Postal: CREDEN, Faculté d'Economie, Avenue Raymond Dugrand, CS 79606, 34960 MONTPELLIER Cedex 2, France
Phone: 33 (0)4 67 15 83 60
Fax: 33 (0)4 67 15 84 04
Web page: http://www.creden.univ-montp1.fr
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Related research

Keywords: Emissions Trading; Permits Banking; Acid Rain Program Uncertainty; Risk Aversion; Prudence.;

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Cited by:
  1. Creti, Anna & Villeneuve, Bertrand, 2008. "Equilibrium Storage in a Markov Economy," MPRA Paper 11944, University Library of Munich, Germany.

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