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Balancing Cost and Emissions Certainty: An Allowance Reserve for Cap-and-Trade

机译：平衡成本和排放确定性：限额交易限额

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While much of the debate in the literature on the economics of climate change regulation has focused on comparing pure price and pure quantity mechanisms-i.e., taxes versus cap-and-trade-these policies are increasingly being viewed as too extreme to meet both practical and political needs. This article has presented recent and perhaps provocative new arguments rnsuggesting that a sufficiently flexible cap-and-trade system can in theory do at least as well as and potentially better than a tax (despite previous literature pointing the other direction). However, it is unlikely that the required flexibility to borrow allowances from the future and the associated requirement for rational expectations in dynamic allowance markets would be ensured in practice. All of this recommends a hybrid mechanism. Roberts and Spence (1976) first suggested the idea of a cap-and-trade system with both a floor and ceiling price. We have taken their idea one step further and suggest that the ceiling price could come with a quantitative limit: what we call the allowance reserve.
机译：尽管文献中有关气候变化监管经济学的许多争论都集中在比较纯价格机制和纯数量机制（即税收与总量管制与贸易）上，但这些政策越来越被视为过于极端，无法同时满足实际和现实情况。政治需求。本文提出了最近的，也许是挑衅性的新论据，暗示着足够灵活的总量控制和交易制度在理论上至少可以和税收做得一样好，甚至有可能比税收更好（尽管以前的文献指出了另一个方向）。但是，在实践中不太可能确保有足够的灵活性来从将来借用配额，以及在动态配额市场中对合理期望的相关要求。所有这些都建议使用混合机制。 Roberts and Spence（1976）首次提出了同时设定最低价格和最高价格的总量管制和交易系统的想法。我们将他们的想法更进一步，建议最高价格可能会受到数量上的限制：我们称为配额准备金。

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