Emission Quota Trade among the Few: Laboratory Evidence of Joint Implementation among Committed Countries The Complete Version
The purpose of the laboratory tests reported here is to identify a well-functioning design, tailored for an upcoming unique experiment using real-world relevant decision makers for carbon emission reduction trade among four countries committed to binding carbon emission limits, a form of so-called joint implementation. For reasons given in the paper, the design is required to promote high trade efficiency and a small scope for arbitrage. All designs tested reached high levels of efficiency (87-99%), which is noteworthy given the small number of traders. Attempts to adjust design to reduce or eliminate arbitrage were successful in the final test rounds.
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|Date of creation:||06 May 1998|
|Publication status:||Published in Resource and Energy Economics, 1999, pages 43-66.|
|Contact details of provider:|| Postal: Department of Economics, Stockholm, S-106 91 Stockholm, Sweden|
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- R. Andrew Muller & Stuart Mestelman, 1994.
"Emission Trading with Shares and Coupons: A Laboratory Experiment,"
The Energy Journal,
International Association for Energy Economics, vol. 0(Number 2), pages 185-211.
- Stuart Mestelman & Andrew Muller, 1994. "Emission Trading with Shares and Coupons : A Laboratory Experiment," McMaster Experimental Economics Laboratory Publications 1994-01, McMaster University.
- R. Preston McAfee & John McMillan, 1996. "Analyzing the Airwaves Auction," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 159-175, Winter.
- Cason, Timothy N. & Plott, Charles R., 1996. "EPA's New Emissions Trading Mechanism: A Laboratory Evaluation," Journal of Environmental Economics and Management, Elsevier, vol. 30(2), pages 133-160, March.
- Roth, Alvin E, 1994. "Lets Keep the Con out of Experimental Econ.: A Methodological Note," Empirical Economics, Springer, vol. 19(2), pages 279-289.
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