Auctioning and Grandfathering in Emission Trading under Risk-Aversion and Ambiguity-Aversion
| 主讲人 |
Hsiao-Chi Chen |
简介 |
<p>This paper explores firms’ optimal investments in environmental R&D under the schemes of auctioning and the grandfathering in emission trading system with random permit prices. In the competitive output and permit markets, our results show that risk-averse firms will invest more in whichever scheme having larger average permit prices and the prices' volatilities. If being risk-neutral, firms will always invest more in the auctioning scheme. These outcomes will remain true if firms are ambiguity-averse or if output and permit markets are duopolistic. These findings suggest that the trading scheme with high permit price floors and/or large differences between ceilings and floors of permit prices can promote firms' environmental R&D investments. </p> |
| 时间 |
2019-11-11(Monday)16:40-18:00 |
地点 |
N302, Econ Building |
| 讲座语言 |
English |
主办单位 |
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| 承办单位 |
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类型 |
系列讲座 |
| 联系人信息 |
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主持人 |
Zhi Li |
| 专题网站 |
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专题 |
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| 主讲人简介 |
<p>Professor, Taipei University</p>
<p> </p> |
期数 |
高级经济学系列讲座19年秋季第三讲（总427讲） |
