Cumulative carbon emissions and economic policy: In search of general principles

We exploit recent advances in climate science to develop a physically consistent, yet surprisingly simple, model of climate policy. It seems that key economic models have greatly overestimated the delay between carbon emissions and warming, and ignored the saturation of carbon sinks that takes place when the atmospheric concentration of carbon dioxide rises. This has important implications for climate policy. If carbon emissions are abated, damages are avoided almost immediately. Therefore it is optimal to reduce emissions significantly in the near term and bring about a slow transition to optimal peak warming, even if optimal steady-state/peak warming is high. The optimal carbon price should start relatively high and grow relatively fast.     

基于水资源耦合价值的绿色水价模型及其应用——以下辽河平原为例

为了准确体现水资源价值的差异性、动态性及其整体性,提出基于绿色核算的水资源耦合价值评价指标体系及绿色水价模型。以下辽河平原为例,引入可变模糊综合评价法,结合熵值法和层次分析法对水资源耦合价值进行评价,计算该区水资源天然价值系数、附加价值系数、经济价值系数、社会（公益）价值系数、生态价值系数及环境价值系数,据此得出绿色水价标准：城乡居民生活用水为3.54 元/m³,农村居民生活用水（暂行）为132 元/（a·人）,农工商服务业用水为6.14 元/m³,农田灌溉用水（暂行）为0.79 元/m³,行政事业用水为4.72 元/m³,园林绿化用水为7.34 元/m³,特种行业用水为12.33 元/m³。各行政分区水资源耦合价值及各单项价值的评价结果基本符合该区客观实际,绿色水价模型体现了区域水资源禀赋,反映了经济社会发展及生态环境等对水资源的需求。     

浙江省排污权有偿使用价格的实例研究

以浙江省各地市排污权有偿使用价格为基础进行研究,介绍了浙江省排污权初始价格计算方法和浙江省各试点地区相关情况,进行了影响排污权有偿使用价格的相关性分析,提出影响排污权有偿使用价格的回归分析,文中运用实证分析,就排污权有偿使用价格与影响其价格的各个因子分别进行了单因素的相关性分析和多因素的线性回归分析,得出回归模型,认为污染治理成本大小对价格有着显著的影响,污染治理法是现阶段理想的初始排污权定价方法.     

SMART-SREC: A stochastic model of the New Jersey solar renewable energy certificate market

Markets for solar renewable energy certificates (SRECs) are gaining in prominence in many states, stimulating growth of the US solar industry. However, SREC market prices have been extremely volatile, causing high risk to participants and potentially less investment in solar power generation. Such concerns necessitate the development of realistic, flexible and tractable models of SREC prices that capture the behavior of participants given the rules that govern the market. We propose an original stochastic model called SMART-SREC to fill this role, building on established ideas from the carbon pricing literature, and including a feedback mechanism for generation response to prices. We calibrate the model to the New Jersey market and backtest it, analyzing parameter sensitivity and demonstrating its ability to reproduce historical dynamics. Finally, we run simulations to investigate the role and impact of regulatory parameters, thus providing insight into the crucial role played by market design.     

燃煤机组烟囱在线烟尘仪监测烟尘浓度偏高原因分析及对策

除尘电价补贴政策的出台以及新环保标准的实施，一方面提高了电厂降低烟尘排放浓度的积极性，另一方面对烟尘在线监测系统提出了更高的要求。针对一些采用湿法脱硫和无GGH的燃煤机组，会出现烟囱在线烟尘仪监测的烟尘浓度高于电除尘器出口烟尘的浓度，对产生这一现象的原因进行了分析并提出相应的解决对策。     

欧盟碳配额现货与期货价格关系及对中国的借鉴

基于欧盟碳市场配额现货与期货的发展经验和对我国统一碳市场建设的借鉴,本文以2005-2012年欧盟碳排放权交易体系(EU ETS)欧盟配额的现货和期货价格为样本研究二者之间的关系。本文运用单位根检验(ADF检验)的方法验证现货与期货价格的序列平稳性,并在序列平稳的前提下基于协整理论研究现货价格与期货价格的长期均衡关系,反映了二者间的静态关系。但短期内这一静态关系并不成立,反而表现出一定的动态性,短期价格的变动能够真实地反映市场需求,对价格的形成起着重要作用,因而采用向量误差修正模型重点研究二者间的短期动态关系。研究表明:1碳现货价格与期货价格间有着不同程度的影响,二者存在长期均衡,但短期内受市场特定因素的影响,二者又有所偏离;2期货价格反应灵敏,偏离均衡后调整速度快于现货,而且期货的滞后期价格对现货价格影响显著,这更加突显了碳期货的价格发现作用;3期货市场涉及了投资者对市场的预期和判断,较现货交易包含了更多的投机性,价格更为灵活,波动频繁,增加了市场风险。最后,根据结论对我国碳市场建设提出一些启示和建议:针对现货与期货价格之间的动态关系,应当积极开发和利用碳期货市场,通过期货的价格发现功能形成合理碳价,同时需要增强期货市场与现货市场的透明度,实现信息的传递与分享,最终实现期货市场对现货市场的补充和完善;为规避期货价格的波动性所带来的风险,需要建立一套完善的风险防控体系,在风险可控的前提下利用期货价格对市场进行预期,及时引导市场价格,形成完善的价格机制,为全国统一碳市场建设提供价格基础。     

不同市场结构组合下稀土最优开采路径研究

本文从价格视角将我国稀土市场结构的变化历程划分为不同阶段,分别从理论和现实视角上探讨了在国际、国内都是完全竞争市场,国际市场垄断、国内市场完全竞争,国际市场完全竞争、国内市场垄断,国际、国内都是垄断市场条件下稀土最优开采路径及最优耗竭时间,并通过设定参数判断其相对大小关系。发现在一定的假设条件下,开采前期当国内和国际市场都是完全竞争时,稀土最优开采量是最大的;当国内和国际市场都是垄断时,稀土最优开采量是最小的;其他两种市场情况下稀土最优开采量居于中间,当国际市场是稀土的主要消费地时,国际竞争-国内垄断市场情况下稀土最优开采量大于国际垄断-国内竞争市场情况下稀土最优开采量,反之,国际垄断-国内竞争市场情况下稀土最优开采量大于国际竞争-国内垄断市场情况下稀土最优开采量。     

京津冀产业碳排放强度变化及驱动因素研究

为探讨京津冀地区温室气体排放强度变化的影响因素,采用对数平均迪式分解模型及归因分析(LMDI-Attribution)方法,基于1996—2014年数据从细分行业角度进行研究。针对温室气体排放强度作产业结构、能源强度和排放因子三因素LMDI乘法分解,对温室气体排放强度变化的影响效应作归因分析,量化4个行业对分解因素影响效应的贡献,得到以下主要结论:1996—2014年京津冀地区温室气体排放强度主要呈现下降趋势,累计下降23.05%。其中,能源强度是温室气体排放强度下降的主导因素,其影响效应为-61.18%,对这一影响效应贡献最大的是工业,并且四大经济部门均通过能源强度在不同程度上使得温室气体排放强度有所减小,可见"阶梯电价"、"千家企业节能项目"、"十大重点节能项目"等相关政策在工业发展中对提高能源效率的作用明显。产业结构使得温室气体排放强度增加23.53%,其主要贡献者是工业,说明"工业产品出口退税率调整"等一系列政策的效果不明显;然而农业则使得温室气体排放强度降低,贡献值为3.09%。碳排放因子在1996—2014年间对温室气体排放强度的影响为60.47%,是京津冀地区温室气体排放强度增加的主要因素,说明京津冀地区的能源结构不合理。工业对这一效应的贡献最大为55.97%。可见,工业在京津冀地区的温室气体减排工作中起到最为关键的作用。     

Stock market responses to chemical accidents in Japan: An event study

Despite recent major chemical process accidents in Japan, the top management teams of firms still avoid taking costly risk reduction measures because of their low perceived impact on firm performance. The disclosure of information on accident risks might motivate managers to enhance workplace safety because of the subsequent evaluation of firms by investors in stock markets. If the disclosed risk information is newly available for investors, firms with a high risk of accidents would receive a poor evaluation by stock markets and thus managers would take risk reduction measures to prevent stock prices from declining. In this study, we conduct an event study analysis to examine whether accident risk information is already reflected in stock prices, using data on the Japanese chemical industry. The results of our event study show that the estimated cumulative average abnormal returns of firms' stocks are significantly negative after severe accidents actually occurred. This finding implies that risk information is not already reflected in the stock prices of Japanese chemical firms and that the disclosure of accident risk information has the potential to motivate the top management teams of firms to reduce their firms’ accident risk.     

Residential Demand for Water in the Chicago Metropolitan Area1

Mieno, Taro and John B. Braden, 2011. Residential Demand for Water in the Chicago Metropolitan Area. Journal of the American Water Resources Association (JAWRA) 47(4):713‐723. DOI: 10.1111/j.1752‐1688.2011.00536.x Abstract: This paper provides the first contemporary analysis of residential water demand in humid Northeastern Illinois, in the vicinity of Chicago, and explores seasonal and income‐based differentials in the responsiveness of water use to water prices. Using a panel of system‐level data for eight water systems and controlling for seasons, weather, incomes, and community characteristics, the analysis yields low estimates of price elasticity of demand for water in line with other studies. Furthermore, price response is greater in summer and less in higher income communities. We suggest that use of seasonal pricing can help mitigate equity issues arising from differential income elasticities while taking advantage of the greater price responsiveness of summertime water use.