Cap-and-trade properties under different hybrid scheme designs - Grantham Research Institute on climate change and the environment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/cap-and-trade-properties-under-different-hybrid-scheme-designs-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cap-and-trade properties under different hybrid scheme designs - Grantham Research Institute on climate change and the environment\" \/>\n<meta property=\"og:description\" content=\"Working Paper 26 Abstract We examine the key design mechanisms of existing and proposed cap-and-trade markets. 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{"id":3813,"date":"2010-09-01T11:09:28","date_gmt":"2010-09-01T11:09:28","guid":{"rendered":"https:\/\/www.lse.ac.uk\/granthaminstitute\/?post_type=publication&p=3813"},"modified":"2024-08-19T14:33:32","modified_gmt":"2024-08-19T13:33:32","slug":"cap-and-trade-properties-under-different-hybrid-scheme-designs-2","status":"publish","type":"publication","link":"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/cap-and-trade-properties-under-different-hybrid-scheme-designs-2\/","title":{"rendered":"Cap-and-trade properties under different hybrid scheme designs"},"content":{"rendered":"\n

Working Paper 26<\/h2>\n

Abstract<\/h3>\n
We examine the key design mechanisms of existing and proposed cap-and-trade markets.<\/p>\n
First, it is shown that the hybrid systems under investigation (price floor using a minimum price guarantee, price collar, allowance reserve, options offered by the regulator, and offset relaxation) can be decomposed into a combination of an ordinary cap-and-trade scheme with European- or American-style call and put options.<\/p>\n
Then, we quantify and discuss the advantages and disadvantages of the proposed hybrid schemes by investigating whether pre-set objectives (enforcement of permit price bounds and reduction of the compliance costs for relevant companies) can be accomplished while maintaining the original environmental targets.<\/p>\n
Plain vanilla options are proposed as an alternative that reconciles the otherwise conflicting policy objectives.<\/p>\n
Georg Grüll and Luca Taschini<\/p>\n\n","protected":false},"excerpt":{"rendered":"\n
Working Paper 26 Abstract We examine the key design mechanisms of existing and proposed cap-and-trade markets. First, it is shown…<\/p>\n\n","protected":false},"author":43,"featured_media":0,"template":"","tags":[188],"publication-type":[435],"topic_area":[4694],"class_list":["post-3813","publication","type-publication","status-publish","hentry","tag-cap-and-trade","publication-type-working-papers","topic_area-policy-evaluation"],"acf":{"downloads":{"ref_value":"field_52f16cc1a80f2","value":["https:\/\/www.lse.ac.uk\/granthaminstitute\/wp-content\/uploads\/2014\/02\/WP26-cap-trade-properties.pdf"],"type":"download","post_type":""},"profile_link":{"ref_value":"field_52f164b5189e9","value":["luca-taschini"],"type":"relationship","post_type":"profile"},"spotlight":{"ref_value":"field_52f80896506d3","value":"","type":false,"post_type":""},"exclude_from_sync":{"ref_value":"field_560538b0e7350","value":"0","type":false,"post_type":""},"rss_newsletter":{"ref_value":"field_54f5c2c1544d8","value":"","type":false,"post_type":""}},"yoast_head":"\nCap-and-trade properties under different hybrid scheme designs - Grantham Research Institute on climate change and the environment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/cap-and-trade-properties-under-different-hybrid-scheme-designs-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cap-and-trade properties under different hybrid scheme designs - Grantham Research Institute on climate change and the environment\" \/>\n<meta property=\"og:description\" content=\"Working Paper 26 Abstract We examine the key design mechanisms of existing and proposed cap-and-trade markets. 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