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Alternative Approaches to Cost Containment in a Cap-and-Trade System

机译：总量控制和交易系统中成本控制的替代方法

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摘要

We compare several emissions reduction instruments, including quantity policies with banking and borrowing, price policies, and hybrid policies (safety valve and price collar), using a dynamic model with stochastic baseline emissions. The instruments are compared under the design goal of obtaining the same expected cumulative emissions across all options. Based on simulation analysis with the model parameterized to values relevant to proposed US climate mitigation policies, we find that restrictions on banking and borrowing, including the provision of interest rates on the borrowings, can severely limit the value of the policy, depending on the regulator-chosen allowance issuance path. Although emissions taxes generally provide the lowest expected abatement costs, a cap-and-trade system combined with either a safety valve or a price collar can be designed to provide expected abatement costs near those of a tax, but with lower emissions variance than a tax. Consistently, a price collar is more cost-effective than a safety valve for a given expected cumulative emissions outcome because it encourages inexpensive abatement when abatement costs decline.
机译：我们使用具有随机基准排放量的动态模型，比较了几种减排工具，包括带有银行和借款的数量政策，价格政策以及混合政策（安全阀和价格项圈）。在所有选择中获得相同预期累积排放量的设计目标下对这些仪器进行比较。基于模拟分析，并将模型参数化为与拟议中的美国减缓气候变化政策相关的价值，我们发现，对银行和借款的限制（包括为借款提供利率）可能会严重限制政策的价值，具体取决于监管机构选择的津贴发放路径。尽管排放税通常可提供最低的预期减排成本，但可以设计限额交易机制与安全阀或价格项圈相结合，以提供接近减排的预期减排成本，但排放差异低于税收。一致地，对于给定的预期累积排放结果，价格项圈比安全阀更具成本效益，因为当减排成本下降时，它鼓励廉价的减排。

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