Global S&T Development Trend Analysis Platform of Resources and Environment
Price Limits in a Tradable Performance Standard | |
Banban Wang; William Pizer; and Clayton Munnings | |
2021-02-18 | |
出版年 | 2021 |
国家 | 美国 |
领域 | 资源环境 |
英文摘要 | Tradable performance standards are widely used sectoral regulatory policies. Examples include the US lead phasedown, fuel economy standards for automobiles, renewable portfolio standards, low carbon fuel standards, and—most recently— China’s new national carbon market. At the same time, theory and experience with traditional cap-and-trade programs suggest an important role for price limits in the form of floors, ceilings, and reserves. In this paper we develop a simple analytical model to derive the welfare comparison between tradable performance standards and a price-based alternative. This model works out to be a simple variant of the traditional Weitzman prices-versus-quantities result. We use this result to show that substantial gains could arise from shifting two programs, China’s new national carbon market (approximately 60% gain) and the California Low Carbon Fuel Standard (approximately 20% gain), to a price mechanism. This finding will generally be true when the coefficient of variation in the price under a TPS is larger than 50%. We end with a discussion of implementation issues, including full and partial consignment auctions based on actual and expected output. |
URL | 查看原文 |
来源平台 | Resources for the Future |
文献类型 | 科技报告 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/315760 |
专题 | 资源环境科学 |
推荐引用方式 GB/T 7714 | Banban Wang,William Pizer,and Clayton Munnings. Price Limits in a Tradable Performance Standard,2021. |
条目包含的文件 | 条目无相关文件。 |
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