Uncertainty, Cost-effectiveness and Environmental Safety of Robust Carbon Trading: Integrated Approach

10753 22 13746 2 24499 document 13746 IR-13-003.pdf application/pdf 956f2e5afc3c64087ba4e4040c35f818 MD5 341614 2016-01-15 08:50:03 https://pure.iiasa.ac.at/id/eprint/10753/1/IR-13-003.pdf 10753 1 1 text en public

IR-13-003.pdf

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IR-13-003.pdf

http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/13746 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/13746 http://eprints.org/relation/isCoversheetVersionOf https://pure.iiasa.ac.at/id/document/13746 archive 351 disk0/00/01/07/53 2016-01-15 08:50:03 2021-08-27 17:23:53 2016-01-15 08:50:03 monograph show 4 Ermolieva T. 7638 Ermoliev Y. 1445 Jonas M. 1351 0000-0003-1269-4145 Obersteiner M. 7255 0000-0001-6981-2769 Wagner F. 1789 0000-0003-3429-2374 Winiwarter W. 1775 0000-0001-7131-1496 Uncertainty, Cost-effectiveness and Environmental Safety of Robust Carbon Trading: Integrated Approach pub iis_env prog_air prog_asa prog_esm prog_mag The emission trading scheme was devised to lower the cost of achieving greenhouse gas emission reductions: emissions are reduced where it is cheapest and emission certificates are then traded to meet the nominal targets for each participant. However, carbon markets, like other commodity markets, are volatile. They react to stochastic "disequilibrium" spot prices, which may be affected by inadequate policies, speculations and bubbles. The market-based emission trading, therefore, does not necessarily minimize abatement costs and achieve emission reduction goals. We introduce a basic stochastic trading model allowing to analyze the robustness of emission reduction policies under asymmetric information and other multiple anthropogenic and natural uncertainties. We illustrate functioning of the robust market with numerical results involving such countries as US, Australia, Canada, Japan, EU27, Russia, Ukraine. In particular, we analyze if the knowledge about uncertainties may affect portfolios of technological and trade policies or structure of the market and how uncertainty characteristics may affect market prices and change the market structure. 2013-07 published IR-13-003 IR-13-003 83 338 138 219 321 335 public interim_report IIASA, Laxenburg, Austria 26 FALSE info:eu-repo/semantics/book