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dc.contributor.authorGronwald, Marcen_US
dc.contributor.authorKetterer, Janinaen_US
dc.date.accessioned2009-07-10en_US
dc.date.accessioned2010-05-14T08:23:49Z-
dc.date.available2010-05-14T08:23:49Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/30666-
dc.description.abstractThis paper, first, empirically investigates European emission allowance (EUA) prices and, second, evaluates emission trading as a policy measure. Applying combined jump GARCH models yields strong evidence of conditional jump behavior. This implies that EUA prices are subject to unexpected movements and that a considerable degree of uncertainty is present. According to the real option literature, uncertainty has adverse effects on investment decisions. Thus, investments in abatement technologies are likely to be postponed due to the peculiar characteristics of emission allowance prices. Furthermore, this price behavior is at odds with the theoretical notion that emission prices equal marginal abatement costs.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2682en_US
dc.subject.jelC22en_US
dc.subject.jelQ50en_US
dc.subject.ddc330en_US
dc.subject.keywordemission allowance pricesen_US
dc.subject.keywordjumpsen_US
dc.subject.keywordGARCHen_US
dc.subject.keywordreal optionsen_US
dc.subject.stwEmissionsrechteen_US
dc.subject.stwPreisen_US
dc.subject.stwEmissionshandelen_US
dc.subject.stwVolatilitäten_US
dc.subject.stwUmweltschutzkostenen_US
dc.subject.stwRealoptionen_US
dc.subject.stwEU-Staatenen_US
dc.titleEvaluating emission trading as a policy tool : evidence from conditional jump modelsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn604521332en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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