Three Essays On Emission Credit Markets
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Three Essays On Emission Credit Markets
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Author :
language : en
Publisher:
Release Date : 2013
Three Essays On Emission Credit Markets written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Three Essays On Environmental Economics And On Credit Market Imperfections
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Author : Muhammad Shahid Siddiqui
language : en
Publisher:
Release Date : 2011
Three Essays On Environmental Economics And On Credit Market Imperfections written by Muhammad Shahid Siddiqui and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Carbon taxes categories.
This dissertation contains three essays on environmental economics and on credit market imperfections. The literature on carbon tax incidence generally finds that carbon taxes have a regressive impact on the distribution of income. The main reason for that finding stems from the fact that poor households spend a larger share of their total expenditure on energy products than the rich households do. This literature, however, has ignored the impact of carbon taxes on income stemming from changes in relative factor prices. Yet, changes in household welfare depend not only on variations in commodity prices, but also on changes in income. Chapter 1 provides a comprehensive analysis of the distributional impact of carbon taxes on inequality by considering both demand-side and supply-side channels. We use a multi-sector, multi-household general equilibrium model to analyze the distributional impact of carbon taxes on inequality. Using equivalent income as the household welfare metric, we apply the Shapley value and concentration index approaches to decomposing household inequality. Our simulation results suggest that carbon taxes exert a larger negative impact on the income of the rich than that of the poor, and are thereby progressive. On the other hand, when assessed from the use side alone (i.e., commodity prices alone), our results confirm previous findings, whereas carbon taxes are regressive. However, due to the stronger incidence of carbon taxes on inequality from the income side, our results suggest that the carbon tax tends to reduce inequality. These findings further suggest that the traditional approach of assessing the impact of carbon taxes on inequality through changes in commodity prices alone may be misleading. Chapter 2 investigates the economic impacts of creating an emissions bubble between Canada and the US in a context of subglobal participation in efforts to reduce pollution with market based-instruments. One of the advantages of an emissions bubble is that it can be beneficial to countries that differ in their production and consumption patterns. To address the competitiveness issue that arises from the free-rider problem in the area of climate-change mitigation, we consider the imposition of a border tax adjustment (BTA) - a commonly suggested solution in the literature. We develop a detailed multisector and multi-regional general equilibrium model to analyze the welfare, aggregate, sectoral and trade impacts of the formation of an emissions bubble between Canada and the US with and without BTA. Our simulation results suggest that, in the absence of BTA, the creation of the bubble would make both countries better off through a positive terms-of-trade effect, and more importantly, through a significant reduction in Canada's marginal abatement cost. The benefits of these positive effects would spill over to the non-participating countries, leading them to increase their trade shares in non-emissions-intensive goods. Moreover, the simulation results also indicate that a unilateral implementation of a BTA by any one of the two countries is welfare deteriorating in the imposing country and welfare improving in the other. In contrast, a joint implementation of a BTA by the two countries would make Canada better off and the US worse off. Chapter 3 shows that learning by lending is a potential channel of understanding the business cycle fluctuation under an imperfect credit market. An endogenous link among the learning parameter, lending rates, and the size of investment makes it possible to generate an internal propagation even due to a temporary shock. The main finding of this chapter is the explanation of how ex post non-financial factors such as information losses by individual agents in a credit market may account for a persistence in real indicators such as capital stock and output.
Three Essays In Economics
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Author : Trevor Lee Davis
language : en
Publisher:
Release Date : 2019
Three Essays In Economics written by Trevor Lee Davis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This dissertation is comprised of three economics research papers that contain insights that governments can use to make more effective public policy decisions plus an appendix describing a software tool to help policymakers, regulators, market participants, and students improve their understanding of how energy and environmental markets work. Chapter 2 (Greener on the Other Side: Estimating the Determinants of Consumer Sensitivity to Local Sales Tax Changes) was an outgrowth of the work I did during an 18-month graduate internship in the Decision Sciences group at Visa, Inc. which I wrote with my co-authors Dan Knoepfle, Stephen Teng, and Sun Constantine Yannelis. We study the price sensitivity of consumption using policy discontinuities in sales tax rates at state borders using a novel national credit and debit card dataset. We estimate the impact on retail revenues, number of customers, and number of merchants due to changes in sales taxes as well as a price elasticity of demand for traditional brick-and-mortar retail and internet retail. Our approach generalizes the case study approach by exploiting a new nationally representative dataset and all sales tax changes between 2008 and 2010. We find a price elasticity of 2.6 for brick-and-mortar retail in ZIP codes on state borders, and a price elasticity of 1.8 for internet retail. We find that the effect of sales taxation on consumption is largest in geographic areas close to a state border and that sales taxes in neighboring states have no effect on activity in geographic areas more than 100 miles away from a state border. The effect is largest for food, beverages and liquor, and motor vehicles and parts. We find that merchants are more likely to operate in low tax regions. We derive an expression for the revenue-maximizing tax rate, and show that some US states in financial distress have little room to raise additional revenue through sales taxation. The remaining two chapters were an outgrowth of the work I did as a Graduate Research Assistant at the Program on Energy and Sustainable Development at Stanford (PESD) and were aided by the use of the Energy Market Game software tool I programmed. Appendix A (The Energy Market Game) contains a detailed description of the Energy Market Game developed by PESD to help policymakers, regulators, market participants, and students improve their understanding of how energy and environmental markets work. The Energy Market Game simulates wholesale electricity markets and allows players to take on the role of generating companies, retail customers, vertically-integrated utilities, and (financial instrument) traders. The Energy Market Game can incorporate environmental policies that are found in real markets, such as a carbon tax or a cap-and-trade system for greenhouse gas emissions as well as a renewable portfolio standard to incentivize the development of wind and solar facilities. When these additional elements are added to the basic features described above the game becomes a sophisticated simulation of an electricity market subject to overlapping environmental regulations. These kinds of complex markets have significant scope for strategic behavior and can be difficult to analyze theoretically. The game has been used in several classes, conferences, and workshops and our experience shows that it allows policymakers, regulators, market participants, and students to attain a higher level of comfort with these markets, as well as an improved sense of how markets may respond to different policies. Chapter 3 (Carbon Pricing Schemes and Upstream and Downstream Market Outcomes: An Experimental Analysis) describes an experiment involving 160 games with potentially imperfectly competitive wholesale electricity markets under various "equivalent" carbon pricing mechanisms found that the cap-and-trade mechanism (relative to the "equivalent" carbon tax) delivered much higher electricity spot market prices (38.5% to 52.6% higher) and lower total electrical generation (2.5% to 4.0% lower) without a correspondingly significant decrease in carbon emissions partly because there was a significant increase (15.2% to 33.0%) in emissions from the dirtiest power generation units (Coal and Gas Peakers). This suggests a carbon-tax is a lower-cost approach to reducing greenhouse gas emissions compared to cap-and-trade market due to the problem of carbon price discoverability under conditions of uncertainty. Chapter 4 (Carbon Allowance Allocation Schemes and Upstream and Downstream Market Outcomes: An Experimental Analysis) describes an experiment with a wholesale electricity market that allows for a number of features of actual offer-based wholesale electricity markets with a cap-and-trade market for greenhouse gas (GHG) emissions that can cause the independence property to fail. Market participants are electricity suppliers that own a mix of generation units that produce CO 2 at different rates per megawatt-hour and who were assigned carbon allowances by three different allocation mechanisms: each participant receiving an equal number of allowances (by construction in our experiment the efficient allocation mechanism), an (exogenously) unequal number of allowances, or an amount determined by a uniform-price auction. Average electricity prices are significantly higher for the unequal and auction allocations relative to the equal allocation case. Aggregate supplier profits (net of carbon costs) are also higher for both the unequal and auction allocations. The average variable cost (excluding carbon costs) plus the fixed-costs of serving electricity demand per ton of emissions are also higher for the unequal and auction allocations. Finally, total emissions tend to be slightly higher, between 1 and 2 percent, under the equal allocation relative to the unequal and auction allocations. The results of the experiment are consistent with the existence of compliance cost savings from initial allocations of emissions allowances "close" to the efficient allocation.
Managing Climate Risk In The U S Financial System
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Author : Leonardo Martinez-Diaz
language : en
Publisher: U.S. Commodity Futures Trading Commission
Release Date : 2020-09-09
Managing Climate Risk In The U S Financial System written by Leonardo Martinez-Diaz and has been published by U.S. Commodity Futures Trading Commission this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-09-09 with Science categories.
This publication serves as a roadmap for exploring and managing climate risk in the U.S. financial system. It is the first major climate publication by a U.S. financial regulator. The central message is that U.S. financial regulators must recognize that climate change poses serious emerging risks to the U.S. financial system, and they should move urgently and decisively to measure, understand, and address these risks. Achieving this goal calls for strengthening regulators’ capabilities, expertise, and data and tools to better monitor, analyze, and quantify climate risks. It calls for working closely with the private sector to ensure that financial institutions and market participants do the same. And it calls for policy and regulatory choices that are flexible, open-ended, and adaptable to new information about climate change and its risks, based on close and iterative dialogue with the private sector. At the same time, the financial community should not simply be reactive—it should provide solutions. Regulators should recognize that the financial system can itself be a catalyst for investments that accelerate economic resilience and the transition to a net-zero emissions economy. Financial innovations, in the form of new financial products, services, and technologies, can help the U.S. economy better manage climate risk and help channel more capital into technologies essential for the transition. https://doi.org/10.5281/zenodo.5247742
Carbon Markets In A Climate Changing Capitalism
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Author : Gareth Bryant
language : en
Publisher: Cambridge University Press
Release Date : 2019-02-21
Carbon Markets In A Climate Changing Capitalism written by Gareth Bryant and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-21 with Business & Economics categories.
Explores what went wrong with global carbon markets and what this means for future climate change policy and capitalism.
Sustainable Investing And Environmental Markets
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Author : Richard L. Sandor
language : en
Publisher: World Scientific Publishing Company Incorporated
Release Date : 2014-10
Sustainable Investing And Environmental Markets written by Richard L. Sandor and has been published by World Scientific Publishing Company Incorporated this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10 with Business & Economics categories.
A Brief Survey of Environmental Asset Classes; Market Failures and Policy Responses; Acid Rain Pollutants as an Asset Class; Greenhouse Gas Pollutants as an Asset Class; Emerging Geographies for Greenhouse Gas Emissions Markets; Forest Carbon as an Asset Class; Clean Energy Markets and Their Associated Asset Classes; Water Markets and Their Associated Asset Classes; Markets for Water Quality-Nutrient Trading; Sustainable Fisheries Management and Its Associated Asset Classes; Weather Risks and Associated Asset Classes; Sustainability and Associated Asset Classes; Conclusion: You Can Put a Price on Nature;
Tackling Climate Change Through Livestock
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Author : Food and Agriculture Organization of the United Nations
language : en
Publisher: Food & Agriculture Org.
Release Date : 2013
Tackling Climate Change Through Livestock written by Food and Agriculture Organization of the United Nations and has been published by Food & Agriculture Org. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Technology & Engineering categories.
Greenhouse gas emissions by the livestock sector could be cut by as much as 30 percent through the wider use of existing best practices and technologies. FAO conducted a detailed analysis of GHG emissions at multiple stages of various livestock supply chains, including the production and transport of animal feed, on-farm energy use, emissions from animal digestion and manure decay, as well as the post-slaughter transport, refrigeration and packaging of animal products. This report represents the most comprehensive estimate made to-date of livestocks contribution to global warming as well as the sectors potential to help tackle the problem. This publication is aimed at professionals in food and agriculture as well as policy makers.
Moving Ahead With Redd Issues Options And Implications
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Author : Arild Angelsen
language : en
Publisher: CIFOR
Release Date : 2008-01-01
Moving Ahead With Redd Issues Options And Implications written by Arild Angelsen and has been published by CIFOR this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-01-01 with Climatic changes categories.
Upsc Mains Solved Previous Papers General Studies Paper 3 2013 Onwards
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Author : Exam Xtracts
language : en
Publisher: by Mocktime Publication
Release Date : 2023-06-01
Upsc Mains Solved Previous Papers General Studies Paper 3 2013 Onwards written by Exam Xtracts and has been published by by Mocktime Publication this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-06-01 with Study Aids categories.
UPSC Mains Solved Previous Papers – General Studies Paper 3 (2013 Onwards)
Giannini Reporter
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Author :
language : en
Publisher:
Release Date : 2007
Giannini Reporter written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Agriculture categories.