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首页> 美国卫生研究院文献>International Journal of Environmental Research and Public Health >An Endowment Effect Study in the European Union Emission Trading Market based on Trading Price and Price Fluctuation
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An Endowment Effect Study in the European Union Emission Trading Market based on Trading Price and Price Fluctuation

机译：基于交易价格和价格波动的欧盟排放交易市场的Effect赋效应研究

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摘要

This paper pioneers to investigate the endowment effect in the European Union mission Trading Scheme (EU ETS) as well as the impacts of trading experience and compliance pressure on the endowment effect. This study is based on the complete transaction records of the market. In the data set, the records of two consecutive reverse transactions from a same emitting company are selected. The lowest price that the buyer is willing to pay (WTP) and the maximum price the seller is willing to accept (WTA) are evaluated by excluding their risk cost that is used to avoid short-term fluctuations in the price. By distinguishing the difference between WTA and WTP, and long-term fluctuations in the prices during the two transactions, the trader’s endowment effect can be quantitively assessed. The results show that the degree of endowment effect of traders follows the trading experience. In addition, since the EU ETS is a cap-and-trade market, the traders face different levels of compliance pressure; when the pressure of the emission companies increases, the degree of endowment effect will also decrease.
机译：本文率先研究了欧盟使命贸易计划（EU ETS）中的the赋效应，以及交易经验和合规压力对end赋效应的影响。该研究基于市场的完整交易记录。在数据集中，选择了来自同一排放公司的两个连续反向交易的记录。通过排除用于避免价格短期波动的风险成本，可以评估买方愿意支付的最低价格（WTP）和卖方愿意接受的最高价格（WTA）。通过区分WTA和WTP之间的差异以及两次交易期间价格的长期波动，可以定量评估交易者的ow赋效应。结果表明，交易者的effect赋效应程度遵循交易经验。另外，由于欧盟排放交易体系是一个限额交易市场，交易者面临着不同程度的合规压力。当排放公司的压力增加时，of赋效应的程度也会降低。

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