Auctioning and Grandfathering in Emission Trading under Risk-Aversion and Ambiguity-Aversion

                  主讲人: Hsiao-Chi Chen

                  Professor, Taipei University


                  主持人: Zhi Li

                  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. 

                  时间: 2019-11-11(Monday)16:40-18:00
                  地点: N302, Econ Building
                  类型: 系列讲座

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