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Zur Bewertung von Emissionshandel als Politikinstrument

  • Marc Gronwald
  • Janina Ketterer

Der Emissionshandel, derzeit das Hauptinstrument der Klimapolitik in Europa, wird in Zukunft noch weiter an Bedeutung gewinnen. Die spezifischen Eigenschaften des Marktes für CO2-Verschmutzungsrechte unterscheiden sich von anderen Finanzmärkten: Es sind besonders viele Entscheidungen über regulatorische Rahmenbedingungen zu treffen, die weitreichende Auswirkungen auf den Handel und somit die Preise haben. Dies kann zu einem sprunghaften Zertifikatepreis führen. Als Konsequenz ergibt sich ein besonders hohes Maß an Unsicherheit auf diesem Markt, das sich auf das Verhalten der Unternehmen bezüglich der Vermeidung von CO2aus-wirkt und zu Verzögerungen bei Investitionen in Vermeidungstechnologien führt.

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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/ZS/ZS-ifo_Schnelldienst/zs-sd-2009/ifosd_2009_11_3.pdf
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Article provided by Ifo Institute for Economic Research at the University of Munich in its journal ifo Schnelldienst.

Volume (Year): 62 (2009)
Issue (Month): 11 (06)
Pages: 22-25

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Handle: RePEc:ces:ifosdt:v:62:y:2009:i:11:p:22-25
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  1. Pindyck, Robert S., 2000. "Irreversibilities and the timing of environmental policy," Resource and Energy Economics, Elsevier, vol. 22(3), pages 233-259, July.
  2. Daskalakis, George & Psychoyios, Dimitris & Markellos, Raphael N., 2009. "Modeling CO2 emission allowance prices and derivatives: Evidence from the European trading scheme," Journal of Banking & Finance, Elsevier, vol. 33(7), pages 1230-1241, July.
  3. Chan, Wing H., 2004. "Conditional correlated jump dynamics in foreign exchange," Economics Letters, Elsevier, vol. 83(1), pages 23-28, April.
  4. Pindyck, Robert S., 1980. "The optimal production of an exhaustible resource when price is exogenous and stochastic," Working papers 1162-80., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  5. Alan Carruth & Andy Dickerson & Andrew Henley, 1998. "What Do We Know About Investment Under Uncertainty?," Studies in Economics 9804, School of Economics, University of Kent.
  6. Sinn, Hans-Werner, 2008. "Public policies against global warming: A supply side approach," Munich Reprints in Economics 19638, University of Munich, Department of Economics.
  7. Thomas Dangl & Franz Wirl, 2007. "The consequences of irreversibility on optimal intertemporal emission policies under uncertainty," Central European Journal of Operations Research, Springer, vol. 15(2), pages 143-166, June.
  8. Beat Hintermann, 2009. "An Options Pricing Approach for CO2 Allowances in the EU ETS," CEPE Working paper series 09-64, CEPE Center for Energy Policy and Economics, ETH Zurich.
  9. SANIN, Maria Eugenia & VIOLANTE, Francesco, 2009. "Understanding volatility dynamics in the EU-ETS market: lessons from the future," CORE Discussion Papers 2009024, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  10. Abel, Andrew B, 1983. "Optimal Investment under Uncertainty," American Economic Review, American Economic Association, vol. 73(1), pages 228-33, March.
  11. Pindyck, Robert S, 1993. "A Note on Competitive Investment under Uncertainty," American Economic Review, American Economic Association, vol. 83(1), pages 273-77, March.
  12. Margaret Insley, 2002. "On the option to invest in pollution control under a regime of tradable emissions allowances," Working Papers 02008, University of Waterloo, Department of Economics, revised Jan 2002.
  13. Chan, Wing H & Maheu, John M, 2002. "Conditional Jump Dynamics in Stock Market Returns," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(3), pages 377-89, July.
  14. Pindyck, Robert S., 2002. "Optimal timing problems in environmental economics," Journal of Economic Dynamics and Control, Elsevier, vol. 26(9-10), pages 1677-1697, August.
  15. Fisher, Anthony C., 2000. "Investment under uncertainty and option value in environmental economics," Resource and Energy Economics, Elsevier, vol. 22(3), pages 197-204, July.
  16. Wing H. Chan, 2003. "A correlated bivariate Poisson jump model for foreign exchange," Empirical Economics, Springer, vol. 28(4), pages 669-685, November.
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