In this paper, transaction costs in the EU emissions trading scheme (EU ETS) are examined empirically based on survey data from German companies. Transaction costs from measurement, reporting and verification (MRV) of emissions, permit trading and general informational costs are considered....

International offset certificates trade at lower prices than European Union Allowances (EUAs), although they are substitutes within the EU Emissions Trading System (EU ETS) for CO2. Firms therefore had a strong incentive to use the cheaper certificates. However, a considerable number of firms...

International carbon offset certificates were cheaper than European Union Allowances, although they were substitutes within the EU Emissions Trading System (EU ETS). Thus, firms had a strong incentive to use offset certificates. However, a considerable number of firms did not exhaust their...

There is a widespread consensus among the most important players in developed countries (voters, politicians, producers, traditional and green interest groups and bureaucracies) that a shift towards an eco-social market economy is essential for sustainable growth. Nevertheless, market-based...

International offset certificates have systematically traded at a lower price than European Union Allowances (EUAs), although they are perfect substitutes. Firms therefore had a strong incentive to use the cheaper certificates up to the maximum quantity fixed by the regulator. This study...

This paper is intended to lay out a preliminary foundation for applying a property rights perspective to environmental policy issues facing New Zealand. It does not attempt to apply such an approach to any specific issue. Rather it summarises the core principles behind effective rights regimes...

The potential advantages in flexibility and efficiency of environmental use rights (such as permits and quotas) over prescriptive regulatory approaches have been well surveyed, and are being advocated in New Zealand now as a tool for achieving sustainable development. So why have they not been...

The "iteration argument" presented in Schlicht (1996) shows that the allocation of property rights may generate inefficiencies, contrary to what the "Coase Theorem", as commonly understood, asserts. The argument may be summarized by saying that markets (and bargaining) cease to function properly...

The economic prescription for climate change is clear: price carbon dioxide (CO2) and other greenhouse gas emissions to internalize climate damages. In practice, a variety of political economy constraints prevent the introduction of a carbon price equal to the full social cost of emissions. This...