Publications
A macroeconomic perspective on climate change mitigation: Meeting the financing challenge
– Forthcoming in Climate Change Economics (August 2014) (read article) Transitioning to a low-carbon economy will require significant investment to transform energy systems, alter the built … read more »
Experimental comparison between markets on dynamic permit trading and investment in irreversible abatement with and without non-regulated companies
This paper examines the investment strategies of compliance companies in irreversible abatement technologies and the environmental achievements of the system in an inter-temporal cap-and-trade market using laboratory experiments. The … read more »
Emissions trading with profit-neutral permit allocations
This paper examines the impact of an emissions trading scheme (ETS) on equilibrium emissions, output, price, market concentration, and profits in a generalized Cournot model. We develop formulae for … read more »
Assessing the effectiveness of the EU Emissions Trading System
As an increasing number of countries, regions, cities and states implement emission trading policies to limit cap CO2 emission, many turn to the experience of the … read more »
Conflicting duty for government? The UK’s new Green Investment Bank
Reference Grover, D. December 2012. Conflicting duty for government? The UK’s new Green Investment Bank. Comment to WJS Europe.
Industry compensation under relocation risk: a firm-level analysis of the EU Emissions Trading Scheme
When industry compensation is offered to prevent relocation of regulated firms, efficiency requires that payments be distributed across firms so as to equalise marginal relocation probabilities, … read more »
Environmental policy and directed technological change: evidence from the European carbon market
This paper was updated in February 2013 This paper investigates the impact of the EU Emissions Trading Scheme (EU ETS)on technological change. We exploit installations-level inclusion … read more »
The endogenous price dynamics of emission allowances and an application to CO2 option pricing
Market mechanisms are increasingly being used as a tool for allocating somewhat scarce but unpriced rights and resources, and the European Emission Trading Scheme is an example. By means … read more »
Linking emission trading schemes
In principle, linking emission trading schemes would favour the depletion of low-cost abatement opportunities that are geographically spread over the globe. However, this would only be possible if the … read more »
Safe haven assets and investor behaviour under uncertainty
Financial crises and contagion have highlighted the need for safe haven assets. However, their existence, role and interactions are not well understood. We analyze the two most prominent yet … read more »
