Publications
Integrated EUA and CER price modelling and application for spread option pricing
In this paper, we propose a market consistent futures price dynamics model for cap-and-trade schemes, designed in the spirit of the European Union’s Emissions Trading Scheme … read more »
Combining multiple climate policy instruments: how not to do it
Putting a price on carbon is critical for climate change policy. Increasingly, policy makers combine multiple policy tools to achieve this, for example, by complementing cap-and-trade … read more »
Cap-and-trade properties under different hybrid scheme designs
This paper examines the key design mechanisms of existing and proposed cap-and-trade markets. First, it is shown that the hybrid systems under investigation (price floor using a minimum price … read more »
Raising finance to support developing country action: some economic considerations
This article explores the principles that should guide efforts to raise finance for climate action in developing countries. The main conclusions are that:First, there is an … read more »
Combining multiple climate policy instruments: How not to do it
Putting a price on carbon is critical for climate change policy. Increasingly, policymakers combine multiple policy tools to achieve this, for example by complementing cap-and-trade schemes with a carbon … read more »
A comparison of reduced-form permit price models and their empirical performances
Equilibrium models have been proposed in literature with the aim of describing the evolution of the price of emission permits. This paper derives first a reduced-form … read more »
Cap-and-trade properties under different hybrid scheme designs
This paper examines the key design mechanisms of existing and proposed cap-and-trade markets. First, it is shown that the hybrid systems under investigation (price floor using a minimum price … read more »
Storage costs in commodity option pricing
Unlike derivatives of financial contracts, commodity options exhibit distinct particularities owing to physical aspects of the underlying. An adaptation of no-arbitrage pricing to this kind of derivative turns out … read more »
New rules, new politics, same actors: explaining policy change in the EU ETS
The allocation rules for phase one EU ETS emissions permits demonstrates that energy generators were lobbying winners because they successfully blocked differential treatment (rules) from energy … read more »
Cap-and-trade properties under different hybrid scheme designs
We examine the key design mechanisms of existing and proposed cap-and-trade markets. First, it is shown that the hybrid systems under investigation (price floor using a … read more »
