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The Role of Futures Markets for the ...

Lewis, Daniel A.

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The Role of Futures Markets for the Design and Performance of Incentive Based Environmental Policy A Study of the Sulfur Financial Instrument and European Union Allowance.

Record Type:	Electronic resources : Monograph/item
Title/Author:	The Role of Futures Markets for the Design and Performance of Incentive Based Environmental Policy A Study of the Sulfur Financial Instrument and European Union Allowance./
Author:	Lewis, Daniel A.
Description:	221 p.
Notes:	Source: Dissertation Abstracts International, Volume: 76-12(E), Section: A.
Contained By:	Dissertation Abstracts International76-12A(E).
Subject:	Environmental economics. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3718714
ISBN:	9781321986402

The Role of Futures Markets for the Design and Performance of Incentive Based Environmental Policy A Study of the Sulfur Financial Instrument and European Union Allowance.
Lewis, Daniel A.

The Role of Futures Markets for the Design and Performance of Incentive Based Environmental Policy A Study of the Sulfur Financial Instrument and European Union Allowance. - 221 p.

Source: Dissertation Abstracts International, Volume: 76-12(E), Section: A.

Thesis (Ph.D.)--Arizona State University, 2015.

This dissertation outlines the role that futures markets for tradable permits can play in improving the performance of incentive based policies for environmental externalities. An extensive literature on tradable permits exists. However, to my knowledge, the role of futures contracts as an instrument for responding to permit price uncertainty has not been considered, nor has their pricing performance in this role been examined. This research provides a theoretical description of how futures can be used to manage the price uncertainty associated with permit purchases. It then evaluates if the futures contract performance for the former U.S. Sulfur Dioxide (SO2) and the existing EU Carbon Dioxide (CO2) futures markets are consistent with the theoretical constructs. Overall, for the short time horizons examined, futures are the best information source regarding later permit prices for both markets examined. Consistent with the theoretical model presented, this implies futures markets can be looked to as a forecast of the incremental costs of emission control. The theory illustrates that firms can then use futures to eliminate the negative effects of permit price uncertainty and restore policy compliance cost minimization. These results demonstrate that an ideal futures market for emission permits can enhance policy performance.

ISBN: 9781321986402Subjects--Topical Terms:

535179
Environmental economics.

The Role of Futures Markets for the Design and Performance of Incentive Based Environmental Policy A Study of the Sulfur Financial Instrument and European Union Allowance.
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100 1 $a Lewis, Daniel A. $3 3182359
245 1 4 $a The Role of Futures Markets for the Design and Performance of Incentive Based Environmental Policy A Study of the Sulfur Financial Instrument and European Union Allowance.
300 $a 221 p.
500 $a Source: Dissertation Abstracts International, Volume: 76-12(E), Section: A.
500 $a Advisers: Mark R. Manfredo; V. Kerry Smith.
502 $a Thesis (Ph.D.)--Arizona State University, 2015.
520 $a This dissertation outlines the role that futures markets for tradable permits can play in improving the performance of incentive based policies for environmental externalities. An extensive literature on tradable permits exists. However, to my knowledge, the role of futures contracts as an instrument for responding to permit price uncertainty has not been considered, nor has their pricing performance in this role been examined. This research provides a theoretical description of how futures can be used to manage the price uncertainty associated with permit purchases. It then evaluates if the futures contract performance for the former U.S. Sulfur Dioxide (SO2) and the existing EU Carbon Dioxide (CO2) futures markets are consistent with the theoretical constructs. Overall, for the short time horizons examined, futures are the best information source regarding later permit prices for both markets examined. Consistent with the theoretical model presented, this implies futures markets can be looked to as a forecast of the incremental costs of emission control. The theory illustrates that firms can then use futures to eliminate the negative effects of permit price uncertainty and restore policy compliance cost minimization. These results demonstrate that an ideal futures market for emission permits can enhance policy performance.
590 $a School code: 0010.
650 4 $a Environmental economics. $3 535179
650 4 $a Economics. $3 517137
690 $a 0438
690 $a 0501
710 2 $a Arizona State University. $b Business Administration. $3 1679662
773 0 $t Dissertation Abstracts International $g 76-12A(E).
790 $a 0010
791 $a Ph.D.
792 $a 2015
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3718714