Martínez, Vicente Medina; Tornero, Ángel Pardo; … - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2012
We evaluate the quality of prices of the EU-ETS, the most active European derivative market for greenhouse gas emissions allowances (EUAs). So far, this market has had two phases, a trial phase (from 2005 to 2007) and a commitment phase (from 2008 to 2012). The true value of a trial-phase EUA at...