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A symmetric safety valve

机译:对称安全阀

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摘要

How to set policy in the presence of uncertainty has been central in debates over climate policy. Concern about costs has motivated the proposal for a cap-and-trade program for carbon dioxide, with a "safety valve" that would mitigate against spikes in the cost of emission reductions by introducing additional emission allowances into the market when marginal costs rise above the specified allowance price level. We find two significant problems, both stemming from the asymmetry of an instrument that mitigates only against a price increase. One is that most important examples of price volatility in cap-and-trade programs have occurred not when prices spiked, but instead when allowance prices collapsed. Second, a single-sided safety valve may have unintended consequences for investment. We illustrate that a symmetric safety valve provides environmental and welfare improvements relative to the conventional one-sided approach.
机译:在存在不确定性的情况下如何制定政策一直是关于气候政策的辩论的中心。对成本的关注促使了二氧化碳总量控制与交易计划的提议,该计划带有一个“安全阀”,可以通过在边际成本超过排放限额时向市场引入额外的排放配额来缓解减排成本的峰值。指定的配额价格水平。我们发现了两个重要问题,这两个问题均源于仅能缓解价格上涨的工具的不对称性。一个是上限和交易计划中价格波动最重要的例子不是在价格飙升时发生的,而是在配额价格崩溃时发生的。其次,单侧安全阀可能会对投资产生意想不到的后果。我们举例说明,相对于传统的单侧方法,对称安全阀可改善环境和福利。

著录项

  • 来源
    《Energy Policy》 |2010年第9期|P.4921-4932|共12页
  • 作者单位

    Resources for the Future, 1616 P Street NW, Washington, DC 20036, USA;

    rnResources for the Future, 1616 P Street NW, Washington, DC 20036, USA;

    rnResources for the Future, 1616 P Street NW, Washington, DC 20036, USA;

  • 收录信息 美国《科学引文索引》(SCI);美国《工程索引》(EI);
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    climate change; cost management; cap and trade;

    机译:气候变化;成本管理;限额与交易;

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