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Introduction
Please visit my page to download Working Papers:
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Publications
Publications (23)
In this paper, we give an example in which the price of tradable emission permits increases despite firms’ adoption of less
polluting technology, a result that is in contrast with Montero (J Environ Econ 44:23–44, 2002) and Parry (J Regul Econ 14:229–254,
1998), among others. If two Cournot players switch to a cleaner technology, the price for perm...
We study the incentives for a "diagonal" merger between two Internet Service Providers, one a wireless retail only ISP in two origination markets, and the second a vertically integrated wired retailer in one market and an upstream provider in the other. The merger's effects depend on differentiation in access modalities; only with high differentiat...
We study the short-term price behavior of Phase 2 EU emission allowances. We model returns and volatility dynamics, and we demonstrate that a standard ARMAX-GARCH framework is inadequate for this modeling and that the gaussianity assumption is rejected due to a number of outliers. To improve the fitness of the model, we combine the underlying price...
This work contributes to the debate on coordination of international environmental policy by revisiting Mandell (2008)’s result who, on the ground of Weitzman (1974)’s model, is in favor of a decentralized regulation at the sectorial or country level instead of a unified one. We show that whether different countries should optimally set their own e...
The French law “Nouvelle Organisation du Marché de l’Électricité” makes available, at a regulated price, withdrawal rights to source low-cost electricity production from nuclear plants owned by the incumbent. Downstream market retailers benefit from such a measure, up to a given amount fixed by the law, to compete on a level playing field with the...
In October 2015 the European Parliament has established a Market Stability Reserve (MSR) in the Phase 4 of the EU-ETS, as part of the 2030 framework for climate policies. In this paper we model the EU-ETS in presence of the Market Stability Reserve (MSR) as it is defined by that decision and investigate the impact that such a measure has in terms o...
Countries are implementing policies to develop greener energy markets worldwide. In Europe, the ¨2030 Energy and Climate Package¨ asks for further reductions of green house gases, renewable sources integration, and energy efficiency targets. But the polluting intensity of electricity may be different in average than when considering market ineffici...
This paper studies merger incentives for polluting Cournot …rms under a competitive tradable emission permits market. Such setting is relevant to assess the observed mergers between power generators in the Regional Greenhause Gas Initiative (RGGI) allowing us to derive policy recommendations. We …nd that when …rms are symmetric and marginal costs a...
This paper investigates empirically the relationship between exchange rate (ER) regimes and volatility of real exchange rate depreciation (RERD), comparing the G7 and 17 Latin American (LA17) countries, during 1970–2010. We estimate a panel autoregressive model with generalized autoregressive conditional heteroskedasticity (GARCH) errors and regime...
In this paper we analyse the impact of supply and demand factors on EUA Phase II future prices, with a particular emphasis on the European Commission announcements regarding the organisation of Phase II and Phase III of the European Union Emission Trading Scheme. Using two different methodologies we find strong significance of EC announcements in p...
This paper studies inefficiencies arising in oligopolies subject to environmental regulation based on tradable emission permits. We propose a duopoly model of upstream–downstream strategic competition: in the permits market a leader sets the price, whereas in the output market Cournot competition occurs. We find that strategic interaction in the ou...
In this paper we assess incentives for clean technology adoption by firms that compete a la Cournot in local product markets subject to a tradable emission permits regulation. Sanin and Zanaj (2011) show that permit prices may increase after clean technology adoption. Herein we show that, since strategic firms are able to predict such increase, thi...
This work contributes to the debate on coordination of international environmental policy by revisiting Mandell (2008)’s result who, on the ground of Weitzman (1974)’s model, is in favor of a decentralized regulation at the sectorial or country level instead of a unified one. We show that whether different countries should optimally set their own e...
Firms producing a polluting good that is subject to environmental regulation based on tradable emission permits, base their production, pollution abatement and permits trading decisions on their expectations about permits price and goods’ market conditions.
Firms can only rely on their permits price expectations for decision making when the market...
In this paper we study the determinants of the counterpart choice in the U.S. market for SO2 allowances. Counterparts can be chosen among three alternatives proved to be independent: market makers, brokers or private. Privates are mostly U.S. electricity generators. We find that the SO2 allowances market, as the electricity market, is regionalized....
In this paper we study the short term price behavior of December 2008 future prices for EU emission allowances. We model returns and volatility dynamics of this price showing that a standard ARMA-GARCH framework is not adequate and that the gaussianity assumption is rejected due to the occurrence of a number of level and volatility outliers. To imp...
In this paper, we address the incentives to invest in environmental innovation of enterprises that exercise market power in the output market and also buy and sell pollution permits. Differently from the existing literature, using a market approach we explicitly model the interaction between the output market, where firms play ˆ la Cournot, and the...
As European countries move towards complete unbundling in electricity markets, some issues regarding market design are still under discussion. In particular, which market configuration would give the right incentives to promote efficiency and reduce final prices. In this paper we analyze a design in which prices are binding for more than one market...
Abstract This paper studies the productivity of the insurance companies during the period 1995 – 2001, with its main focus on technical efficiency. In order to achieve this, a technical efficiency frontier is estimated by two methods: an econometric one and a mathematical programming,one. The results obtained were coherent.
In this paper, we study how two strategic …rms' under environmental reg-ulation based on tradable emission permits interact, both in the permits and in the output market, and both in a static and in a dynamic context so as to study strategic banking behavior. Our main …ndings are (i) that the outcome in the permits market is determined by the strat...
In this paper, we study how two strategic …rms under environmental regu-lation based on tradable emission permits interact in both the permits and the output market. We …nd that (i) the outcome in the permits market is deter-mined by the strategic interaction in the output market (and vice versa); (ii) a price-taker in the permits market can exploi...
