Kosobud, Richard F.; Stokes, Houston H.; Tallarico, Carol D. - In: Review of Accounting and Finance 1 (2002) 4, pp. 69-88
A new financial asset (Allotment Trading Unit or ATU) that allows a firm to pollute was issued to a number of Chicago firms in 2000 as part of a cap‐and‐trade model to reduce emissions in the Chicago area. A model of this market was developed to enable us to: 1.) Estimate equilibrium...