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dc.contributor.authorGronwald, Marcen
dc.contributor.authorKetterer, Janinaen
dc.date.accessioned2009-07-10-
dc.date.accessioned2010-05-14T08:23:49Z-
dc.date.available2010-05-14T08:23:49Z-
dc.date.issued2009-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2682en
dc.subject.jelC22en
dc.subject.jelQ50en
dc.subject.ddc330en
dc.subject.keywordemission allowance pricesen
dc.subject.keywordjumpsen
dc.subject.keywordGARCHen
dc.subject.keywordreal optionsen
dc.subject.stwEmissionsrechteen
dc.subject.stwPreisen
dc.subject.stwEmissionshandelen
dc.subject.stwVolatilitäten
dc.subject.stwUmweltschutzkostenen
dc.subject.stwRealoptionen
dc.subject.stwEU-Staatenen
dc.titleEvaluating emission trading as a policy tool : evidence from conditional jump models-
dc.typeWorking Paperen
dc.identifier.ppn604521332en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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