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Intertemporal pricing of sulfur dioxide allowances

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dc.contributor.author Bailey, Elizabeth M. en_US
dc.contributor.other Massachusetts Institute of Technology. Center for Energy and Environmental Policy Research. en_US
dc.date.accessioned 2009-04-03T17:08:08Z
dc.date.available 2009-04-03T17:08:08Z
dc.date.issued 1998 en_US
dc.identifier 98006 en_US
dc.identifier.uri http://hdl.handle.net/1721.1/45080
dc.description.abstract The Clean Air Act Amendments of 1990 initiated the first large-scale use of the tradable permit approach to pollution control. The theoretical case for this approach rests on the assumption of an efficient market for emission rights. This paper presents the inter-temporal pattern of allowance prices that should be observed in the market for sulfur dioxide allowances in world of certainty with no transaction costs, and demonstrates that this pattern is roughly consistent with what is observed. Where there are deviations, these deviations can be explained using the theory that is applied to other well established, well functioning markets. The empirical analysis in this paper suggests that the forward market for emission rights has become reasonably efficient. en_US
dc.description.sponsorship Funded by the MIT Center for Energy and Environmental Policy Research and the National Acidic Precipitation Assessment Program. en_US
dc.format.extent 17 p en_US
dc.publisher MIT Center for Energy and Environmental Policy Research en_US
dc.relation.ispartofseries MIT-CEEPR (Series) ; 98-006WP. en_US
dc.title Intertemporal pricing of sulfur dioxide allowances en_US
dc.type Working Paper en_US
dc.identifier.oclc 39305371 en_US


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