Its protocol calls for Annex B counties to reduce their average greenhouse gas emissions over 2008-2012 to at least five percent below 1990 levels. It adopted a " Plan of Action. " Since no details were given at these COPs, we have to design the mechanisms. 3 3. Which Trading Rule? • Bilateral Trading Is it inefficient due to mismatching? Does the revelation of contracted prices improve its eff...

The presumed source of the volatility is a trading strategy called “programmed trading.”2 This strategy, which essentially involves trading on small and shortlived price differences for the same group of stocks in the spot, futures and options markets, is not new. The introduction of stock jnde~futures around 1982 and the application of computer techniques to monitor price differences and trigg...

We show that abnormal trading activity increases in the days before earnings announcements, especially for stocks with high dispersion of opinions. Consistent with the theory of Miller (1977) and other disagreement models, for stocks that are also short sale constrained, this increased speculative trading is dominated by net buyer-initiated trading activity. This evidence helps to explain why s...

In this paper, the transportation problem under the carbon emission trading program ismodelled by mathematical programming and genetic algorithm. Since green supply chain issuesbecome important and new legislations are taken into account, carbon emissions costs are included inthe total costs of the supply chain. The optimisation model has the ability to minimise the total costsand provides the ...

Economists have been promoting water quality (WQ) trading for decades. Over the past few years, many political leaders and upper-level government officials have been joining them. Money has even started to flow from Wash-ington to local trading organizations to help make WQ trading work. However, enthusiasm about WQ trading is based mostly on conceptual arguments about its potential to generate...

In 2005, the European Union introduced the largest and most ambitious emissions trading program in the world to meet its Kyoto commitments for the containment of global climate change. The EU Emissions Trading Scheme (EU ETS) has some distinctive features that differentiate it from the more standard model of emissions trading. In particular, it has a relatively decentralized structure that give...

We estimate a structural model of strategic trader behavior that sheds light on the determinants of trading volume and stock returns. Our novel identification approach exploits enormous empirical variation in trading and volatility associated with the time of day and public news arrival. Over 95% of trading occurs during regular market hours (9:30am to 4pm), even though prices exhibit considera...

The recent proliferation of online stock trading raises the question of whether online stock trading provides online investors with better benefits than does traditional brokerage-based trading. Compared to its well-known benefits such as lowered commission costs and convenience , the costs incurred to online investors before the transaction – information-processing costs – seem to have receive...

This paper establishes an agent-based simulation system of the carbon emissions trading in accordance with the complex feature of the trading process. This system analyzes the impact of the carbon quota allocation mechanism on emissions trading for three different aspects including the amount of emissions reduction, the economic effect on the emitters, and the emissions reduction cost. Based on...

This paper presents a class of examples where a nonmonetary economy converges in a tatonnement process to a monetary equilibrium. Exchange takes place in organized markets characterized by an array of trading posts where each pair of goods may be traded for one another. A barter equilibrium with m commodities is characterized by m(m-1)/2 commodity pair trading posts, most of which host active t...