Seminar Abstract

【Emissions Trading Experiments: Investment Uncertainty and Liability】

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Speaker: 草川 孝夫

Affiliation: 大阪大学大学院経済学研究科

Date and Time: 2003. 3. 7 (Fri), 4:30 - 6:00 p.m.

Place: 3F224

Chair: 金子 守

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Abstract: 

We conducted three experiments on greenhouse gases emissions trading.
In Experiment 1, we found very high efficiency under no investment
uncertainty. In Experiment 2, we introduced investment irreversibility
and investment time lag. Under these conditions, we found two cases: the
success case and the bubble case. In Experiment 3, we introduced three
liability rules: seller's liability, country-first buyer's liability,
and Kyoto-first buyer's liability. We found new cases called the
intentional bankruptcy case under Kyoto-first, and the anti-bubble case
under country-first and Kyoto-first.