Parte da oggi una piccola rubrica, che cercherò di tenere con cadenza settimanale, sui principali peer review in ambito economico ambientale. Devo ringraziare i numerosi lettori, principalmente studenti di economia, che mi scrivono quotidianamente, per avermi suggerito questa idea. E’ quindi a loro, ma non solo (!), che dedico questo piccolo spazio di CM.
Sicuramente la lettura di uno studio è un qualcosa che richiede conoscenze di un certo tipo, se poi parliamo di argomenti economici aggiungiamoci pure la noia (!). Tuttavia sono certo che anche al lettore più frettoloso, potrà tornare utile scoprire in quale direzione si stiano muovendo gli studi e le ricerche in ambito enviro-eco.
Di volta in volta vi proporrò gli abstract (in inglese, purtroppo il tempo è tiranno e non posso permettermi di tradurre tutto quanto), i link e in casi particolarmente interessanti, anche qualche commento di fondo.
Nella speranza che questo possa diventare per me, e per voi, un appuntamento abituale, vi lascio ai primi studi già revisionati in sede paritaria.
Soft and Hard Price Collars in a Cap-and-Trade System
Harrison Fell, Dallas Burtraw, Richard Morgenstern, Karen Palmer, and Louis Preonas
We use a stochastic dynamic framework to compare price collars (price ceilings and floors) in a cap-and-trade system. Sources of uncertainty include shocks to baseline emissions, affecting corresponding abatement costs, and shocks to the supply of offsets. We consider a continuum between soft collars, which have a limited volume of additional emission allowances (a reserve) available at the price ceiling, and hard collars, which provide an unlimited supply of additional allowances, thereby preventing allowance prices from exceeding the price ceiling. For all cases considered, we set the price floors and ceiling such that the expected cumulative emissions net of offsets are equal to the cumulative allowances. Consequently, increasing the size of the allowance reserve requires higher price ceilings and floors, and a lower probability of reaching the ceiling. Across most parameter values examined, we find that increasing the size of the allowance reserve leads to lower expected net present values of compliance costs, although the differences are not large. However, when offset supply shocks are highly persistent and exhibit strong (negative) correlation with baseline emission shocks, hard collars deliver noticeably lower expected costs, though with a wider range of emission outcomes than the soft collars.
The effects of domestic climate change measures on international competitiveness
Hiau Looi Kee, Homg Ma, Muthukumara Mani
Under the Kyoto Protocol, industrialized countries (called Annex I countries) have to reduce their combined emissions to 5 percent below 1990 levels in the first commitment period of 2008-12. Efforts to reduce emissions to meet Kyoto targets and beyond have raised issues of competitiveness in countries that are implementing these policies, as well as fear of leakage of carbon-intensive industries to non-implementing countries. This has also led to proposals for tariff or border tax adjustments to offset any adverse impact of capping carbon dioxide emissions. This paper examines the implications of climate change policies such as carbon tax and energy efficiency standards on competitiveness across industries, as well as issues related to leakage, if any, of carbon-intensive industries to developing countries. Although competitiveness issues have been much debated in the context of carbon taxation policies, the study finds no evidence that the energy intensive industries? competitiveness is affected by carbon taxes. In fact, the analysis suggests that exports of most energy-intensive industries increase when a carbon tax is imposed by the exporting countries, or by both importing and exporting countries. This finding gives credence to the initial assumption that recycling the taxes back to the energy-intensive industries by means of subsidies and exemptions may be overcompensating for the disadvantage to those industries. There is, however, no conclusive evidence that supports relocation (leakage) of carbon-intensive industries to developing countries due to stringent climate change policies.