Emissions Trading Systems (ETSs) with fixed caps lack provisions to address systematic imbalances in the supply and demand of permits in response to economic shocks. This paper proposes a new mechanism which adjusts the allocation of permits based on the current bank of permits to create a dynamic system of permit allocation. Read more
This working paper analyses the design of the market stability reserve proposed as part of the reform of the European Union emissions trading system. Read more
Many investments involve both a long time horizon and risky returns. Making investment decisions thus requires assumptions about time and... Read more
Working Paper 137 Abstract Many investments involve both a long time-horizon and risky returns. Making investment decisions thus requires assumptions... Read more
Working Paper 48 Abstract The lowering of trade barriers under the successive reforms of the pillar I of the Common... Read more
Abstract Arguments about the appropriate discount rate often start by assuming a Utilitarian social welfare function with isoelastic utility, in... Read more