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Comparative Analysis of Emerging Green Certificate Markets from a Computable General Equilibrium Perspective


  • Cristina GALALAE

    () (The Bucharest Academy of Economic Studies, Romania)

  • Alexandru VOICU

    () (The Bucharest Academy of Economic Studies, Romania)


Whether using market mechanisms to allocate green certificates in various countries is an optimal solution for stimulating green electricity production represents a question proposed by numerous recent comparative analyses, with opinions being split. Our paper proposes a differing perspective, employing modern computational economics techniques in order to study if general equilibrium is achievable, nationally and internationally, and how it compares with the non-market steady state. We analyse the field, determining exogenous and endogenous factors of influence that we cast into functional relationships via econometric estimation. Subsequently, we study four multi-period general equilibrium models, recursive and non-recursive, solving the latter ones via a Johansen/Euler method for simultaneous all-year computation. General equilibrium is shown to be achievable but dependent on country specific conditions, with optimality being relative in a globalised context. In closing, we present a case study focused on providing useful guidelines for future international marketing efforts in this domain.

Suggested Citation

  • Cristina GALALAE & Alexandru VOICU, 2011. "Comparative Analysis of Emerging Green Certificate Markets from a Computable General Equilibrium Perspective," Economia. Seria Management, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 14(2), pages 392-398, December.
  • Handle: RePEc:rom:econmn:v:14:y:2011:i:2:p:392-398

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    computational economics; general equilibrium; globalisation; multi-period model; optimising behaviour.;

    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • M39 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Other


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