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Market Power and Windfall Profits in Emission Permit Markets
(2009)CEPE Working PaperMarket power in permit markets has been examined in some detail following the seminal work of Hahn (1984), but the effect of free allocation on price manipulation with market power in both output and permit market has not specifically been addressed. I show that in this case, the threshold of free allocation above which a dominant firm will increase the permit price is below its optimal emissions in a competitive market ...Working Paper -
Allowance Price Drivers in the First Phase of the EU ETS
(2009)CEPE Working PaperIn the first phase of the EU Emissions Trading Scheme (EU ETS), the price per ton of CO2 rose to over €30 before decreasing to zero by mid 2007. I examine to what extent this variation can be explained by marginal abatement costs by deriving a structural model of the allowance price under the assumption of efficient markets. I then gradually relax the model by allowing for delayed adjustment of price to fundamentals, as well as by introducing ...Working Paper -
An Options Pricing Approach for CO2 Allowances in the EU ETS
(2009)CEPE Working PaperIf firms are unable to fully control their emissions, the cap in a permit market may be exceeded. Using stochastic aggregate emissions as the underlying I derive an options pricing formula that expresses the permit price as a function of the penalty for noncompliance and the probability of a binding cap. I apply my model to the EU ETS, where rapid market setup made it difficult for firms to adjust their production technology in time for ...Working Paper -
A model of West African Millet prices in rural markets
(2009)CEPE Working PaperIn this article we specify a model of millet prices in the three West African countries of Burkina Faso, Mali, and Niger. Using data obtained from USAID’s Famine Early Warning Systems Network (FEWS NET) we present a unique regional cereal price forecasting model that takes advantage of the panel nature of our data, and accounts for the flow of millet across markets. Another novel aspect of our analysis is our use of the Normalized Difference ...Working Paper -
MOBIS-COVID19/01
(2020)Arbeitsberichte Verkehrs- und RaumplanungThis series of working papers presents the ongoing analysis of the mobility behaviour in Switzerland during the period of special measures to combat the Corona virus. A sample of over 1200 participants was recruited from a previous GPS-based mobility study, MOBIS. A 4 week baseline period is therefore available for each participant from the second half of 2019, as well as socio-economic variables. Mobility indicators considered include ...Report -
MOBIS-COVID19/66
(2021)Arbeitsberichte Verkehrs- und RaumplanungOn March 16, 2020, 3700 participants who completed the MOBIS study between September 2019 and January 2020 were invited to reinstall the GPS Logger and Travel Diary App ‘Catch-My-Day’, developed by MotionTag, to record their mobility behaviour during the period of special measures implemented to control the spread of the Corona Virus. The first 4 weeks of mobility data from the original MOBIS Study is taken for each participant as a ...Report -
MOBIS-COVID19/35
(2021)Arbeitsberichte Verkehrs- und RaumplanungOn March 16, 2020, 3700 participants who completed the MOBIS study between September 2019 and January 2020 were invited to reinstall the GPS Logger and Travel Diary App ‘Catch-My-Day’, developed by MotionTag, to record their mobility behaviour during the period of special measures implemented to control the spread of the Corona Virus. The first 4 weeks of mobility data from the original MOBIS Study is taken for each participant as a ...Report -
MOBIS-COVID19/14
(2020)Arbeitsberichte Verkehrs- und RaumplanungOn March 16, 2020, 3700 participants who completed the MOBIS study between September 2019 and January 2020 were invited to reinstall the GPS Logger and Travel Diary App ‘Catch-My-Day’, developed by MotionTag, to record their mobility behaviour during the period of special measures implemented to control the spread of the Corona Virus. The first 4 weeks of mobility data from the original MOBIS Study is taken for each participant as a ...Report -
MOBIS-COVID19/15
(2020)Arbeitsberichte Verkehrs- und RaumplanungOn March 16, 2020, 3700 participants who completed the MOBIS study between September 2019 and January 2020 were invited to reinstall the GPS Logger and Travel Diary App ‘Catch-My-Day’, developed by MotionTag, to record their mobility behaviour during the period of special measures implemented to control the spread of the Corona Virus. The first 4 weeks of mobility data from the original MOBIS Study is taken for each participant as a ...Report -
MOBIS-COVID19/13
(2020)Arbeitsberichte Verkehrs- und RaumplanungOn March 16, 2020, 3700 participants who completed the MOBIS study between September 2019 and January 2020 were invited to reinstall the GPS Logger and Travel Diary App ‘Catch-My-Day’, developed by MotionTag, to record their mobility behaviour during the period of special measures implemented to control the spread of the Corona Virus. The first 4 weeks of mobility data from the original MOBIS Study is taken for each participant as a ...Report