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{"id":3868,"date":"2011-03-01T14:13:10","date_gmt":"2011-03-01T14:13:10","guid":{"rendered":"https:\/\/www.lse.ac.uk\/granthaminstitute\/?post_type=publication&p=3868"},"modified":"2024-08-19T14:40:44","modified_gmt":"2024-08-19T13:40:44","slug":"experimental-comparison-between-markets-on-dynamic-permit-trading-and-investment-in-irreversible-abatement-with-and-without-nonregulated-companies-working-paper-41","status":"publish","type":"publication","link":"https:\/\/www.lse.ac.uk\/granthaminstitute\/publication\/experimental-comparison-between-markets-on-dynamic-permit-trading-and-investment-in-irreversible-abatement-with-and-without-nonregulated-companies-working-paper-41\/","title":{"rendered":"Experimental comparison between markets on dynamic permit trading and investment in irreversible abatement with and without nonregulated companies"},"content":{"rendered":"\n

Working Paper 41<\/h2>\n

Abstract<\/h3>\n
This paper examines the investment strategies of regulated companies in abatement technologies, market participants’ trading behaviours, and the liquidity level in an inter-temporal cap and trade market using laboratory experiments.<\/p>\n
The experimental analysis is performed under varying market structures: the exclusive presence of regulated companies; the inclusion of subjects not liable for compliance with environmental regulations; the availability of plain vanilla options.<\/p>\n
In line with theoretical models on irreversible abatement investment, the first experiment shows that regulated companies trade permits at a premium.<\/p>\n
At the same time, the existence of a strict enforcement structure effectively prompts investments in new technologies.<\/p>\n
The second experiment shows that the presence of non-regulated companies adds liquidity to the market and does not increase price volatility.<\/p>\n
The last experiment enables us to investigate the impact of the presence of cash-settled options contracts on the trading strategies of regulated companies. Their expected emissions appears to play a significant role in the choice of their options strategy.<\/p>\n
Marc Chesney, Luca Taschini and Mei Wang<\/p>\n\n","protected":false},"excerpt":{"rendered":"\n
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