To the best of our knowledge, this study is one of the first to empirically analyze the trading behaviour of all ETS firms during the first phase of the EU's Emissions Trading System. We use a unique dataset which allows investigating the importance of permit trading transaction costs, such as...

In this paper we empirically compare the transaction costs from monitoring, reporting and verification (MRV) of two environmental regulations directed to cost-efficiently reduce greenhouse gas emissions: a carbon dioxide (CO2) tax and a tradable emissions system. We do this in the case of...

This paper measures the transaction costs incurred by Irish firms under the European Union's CO2 Emissions Trading Scheme (EU ETS) during its pilot phase (2005 - 2007). Our analysis provides evidence that such costs were mainly administrative in nature. We emphasize the existence of sizeable...