Designing Environmental Markets for Trading Catch Shares

2019 ◽  
Vol 49 (5) ◽  
pp. 324-337
Author(s):  
Martin Bichler ◽  
Douglas Ferrell ◽  
Vladimir Fux ◽  
Jacob K. Goeree
Keyword(s):  
Catch Shares ◽  
Environmental Markets

ENVIRONMENTAL MARKETS: WHAT DO WE LEARN FROM THE LAB?

2013 ◽  
Vol 27 (3) ◽  
pp. 515-535 ◽  
Author(s):  
Lana Friesen ◽  
Lata Gangadharan
Keyword(s):  
Environmental Markets

scholarly journals Can Catch Shares Reduce the US Federal Deficit?

2010 ◽  
Vol 3 (4) ◽  
Author(s):  
Dietmar Grimm ◽  
Judd Boomhower ◽  
Jason Blau
Keyword(s):  
Catch Shares ◽  
Federal Deficit ◽  
The Us

Where could catch shares prevent stock collapse?

Marine Policy ◽  
2010 ◽  
Vol 34 (3) ◽  
pp. 710-712 ◽  
Author(s):  
Florian K. Diekert ◽  
Anne Maria Eikeset ◽  
Nils Chr. Stenseth
Keyword(s):  
Catch Shares ◽  
Stock Collapse

Equilibrium Price Dynamics of Emission Permits

2018 ◽  
Vol 53 (4) ◽  
pp. 1653-1678 ◽  
Author(s):  
Steffen Hitzemann ◽  
Marliese Uhrig-Homburg
Keyword(s):  
Option Pricing ◽  
Empirical Evidence ◽  
Equilibrium Model ◽  
Equilibrium Price ◽  
Contingent Claims ◽  
Emission Permits ◽  
Emission Permit ◽  
Environmental Markets ◽  
Forward Price ◽  
Highly Nonlinear

This article presents a stochastic equilibrium model for environmental markets that allows us to study the characteristic properties of emission permit prices induced by the design of today’s cap-and-trade systems. We characterize emission permits as highly nonlinear contingent claims on economy-wide emissions and reveal their hybrid nature between investment and consumption assets. Our model makes predictions about the dynamics and volatility structure of emission permit prices, the forward price curve, and the implications for option pricing in this market. Empirical evidence from existing emissions markets shows that the model explains the stylized facts of emission permit prices and related derivatives.

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