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Two Patterns of Price Dynamics were Observed in Greenhouse Gases Emissions Trading Experiment: An Application of Point Equilibrium

  • Yoichi Hizen
  • Takao Kusakawa
  • Hidenori NiizawaAuthor-Name:
  • Tatsuyoshi Saijo

This paper compares efficiencies of double auction and bilateral trading in GHG emission trading experiments with the addition of two rules, abatement irreversibility of GHG emissions and non-compliance penalty, to Hizen and Saijo (1998). Using a new concept of equilibrium, we found that (i) Results were grouped into two cases. In one case, excessive reductions occurred at the early stage of the experiment and efficiency was relatively low. In the other case, excessive reduction did not occur at the early stage of experiment and efficiency was relatively high. (ii) In both cases, efficiency of double auction was higher than that of bilateral trading. (iii) Emissions trading lowered emissions reduction costs. (iv) Excessive emissions reduction occurred in almost all the sessions.

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File URL: http://www.iser.osaka-u.ac.jp/library/dp/2001/dp0557.pdf
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Paper provided by Institute of Social and Economic Research, Osaka University in its series ISER Discussion Paper with number 0557.

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Date of creation: Oct 2001
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Handle: RePEc:dpr:wpaper:0557
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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. Stuart Mestelman & Andrew Muller, 1997. "What Have We Learned From Emissions Trading Experiments?," McMaster Experimental Economics Laboratory Publications 1997-03, McMaster University.
  3. 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.
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