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A network-based analysis of the European Emission Market

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Abstract
This paper analyses the European Emission Trading System (ETS) from a network perspective. It is shown that the network exhibits a strong core-periphery structure also reflected in the network formation process. Due to a lack of centralized market places, operators of installations which fall under the EU ETS regulations have to resort to local networks or financial intermediaries if they want to participate in the market. This undermines the central idea of the ETS to exploit marginal abatement costs

Suggested Citation

  • Andreas Karpf & Antoine Mandel & Stefano Battiston, 2015. "A network-based analysis of the European Emission Market," Documents de travail du Centre d'Economie de la Sorbonne 15084, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    • Handle: RePEc:mse:cesdoc:15084
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    References listed on IDEAS

    as
    1. Dan Li & Norman Schürhoff, 2019. "Dealer Networks," Journal of Finance, American Finance Association, vol. 74(1), pages 91-144, February.
    2. Miranda A. Schreurs & Yves Tiberghien, 2007. "Multi-Level Reinforcement: Explaining European Union Leadership in Climate Change Mitigation," Global Environmental Politics, MIT Press, vol. 7(4), pages 19-46, November.
    3. repec:dau:papers:123456789/10174 is not listed on IDEAS
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    More about this item

    Keywords

    network; emission market; ETS; network topology;
    All these keywords.

    JEL classification:

    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
    • D85 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Network Formation
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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