Home country bias in international emissions trading: Evidence from the EU ETS

IF 2.6 3区 经济学 Q1 ECONOMICS
Beat Hintermann , Markus Ludwig
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引用次数: 4

Abstract

We examine the pattern of allowance trades in the European Union Emissions Trading System (EU ETS) using highly disaggregated trading data and identify a significant and robust home market bias. Our results point to informational transactions costs that increase when trading across national borders. The existing trade pattern in goods and services explains two thirds of the home bias, with the remainder due to other causes. Our finding suggests that firms make use of existing trade networks to overcome search costs in bilateral allowance trade. Since the home bias differs across firms, it follows that marginal abatement costs are not equalized across market participants of the EU ETS.

国际排放交易中的母国偏见:来自欧盟排放交易体系的证据
我们使用高度分类的交易数据研究了欧盟排放交易系统(EU ETS)中的配额交易模式,并确定了一个显著而稳健的国内市场偏差。我们的研究结果表明,在跨境交易时,信息交易成本会增加。现有的商品和服务贸易模式解释了三分之二的国内偏见,其余原因是其他原因。我们的研究结果表明,企业利用现有的贸易网络来克服双边津贴贸易中的搜索成本。由于各公司的国内偏好不同,因此欧盟排放交易系统的市场参与者的边际减排成本并不均衡。
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来源期刊
CiteScore
5.40
自引率
0.00%
发文量
41
期刊介绍: Resource and Energy Economics provides a forum for high level economic analysis of utilization and development of the earth natural resources. The subject matter encompasses questions of optimal production and consumption affecting energy, minerals, land, air and water, and includes analysis of firm and industry behavior, environmental issues and public policies. Implications for both developed and developing countries are of concern. The journal publishes high quality papers for an international audience. Innovative energy, resource and environmental analyses, including theoretical models and empirical studies are appropriate for publication in Resource and Energy Economics.
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