微观经济与数字经济教研室学术讲座

报告题目：Alternative emissions trading schemes: A large-scale lab-in-the-field experiment from China
报  告 人：李智（厦门大学 副教授/财政系副主任）
主  持 人：杨扬（中山大学岭南学院 副教授）
时      间：2025年4月14日 （周一） 14:30-16:00
地      址：岭南堂伍沾德会议室（204）
语      言：中英文

摘要:
     As emissions trading systems (ETS) become more and more popular and important in addressing climate change at a global scale, we conduct a large-scale lab-in-the-field experiment test in a real-world-setting of three ETS currently implemented respectively in China, the European Union, and California, i.e., grandfathering (GF), uniform price auction (UPA), and revenue-neutral consignment auction (CA).  We recruited more than three thousand industry practitioners through the Beijing Green Exchange training courses to compare their performance with heterogeneous agents to participate in primary and spot markets in the short run.  We find that UPA and CA do not generate significantly different prices in either the primary or spot markets, but both provide price signals to the secondary market, inducing transaction prices in the secondary market not lower than observed auction clearing prices. Additionally, they induce higher prices in spot markets compared to GF which results in prices close to a nash bargaining solution. The price signals generated under auctions contribute to lower volatilities and more efficient spot market trading. UPA performs the best in reducing non-compliance, primarily by reducing both permit hoarding and risky over-selling in the spot market.  CA generates significantly higher profits for large and cleaner firms. Our experiments provide valuable validity tests and new insights on pollution permit allocation designs, especially for developing countries that are considering to introduce an ETS but also pondering the balance between market efficiency and firms’ cost burden.

报告人介绍：

      李智，厦门大学经济学院财政系和王亚南经济研究院副教授，博士生导师，财政系副主任，美国华盛顿大学（西雅图）经济学博士。以博弈论和经济实验为主要工具，对各类公共政策进行制度设计和事前量化评估，聚焦于资源环境领域，致力于从市场和机制设计角度为制定更有效的资源分配和使用政策提供前瞻性研究，贡献于碳排放权交易机制设计、应对气候变化国际合作谈判机制研究，水资源、渔业资源和各种生态产品分配和价值实现机制设计。论文发表于Journal of Public Economics，Journal of Environmental Economics and Management, Journal of Public Economic Theory，Environmental and Resource Economics, PLOS ONE等期刊。主持国家自然科学基金面上项目2项。目前担任国际期刊Resource and Energy Economics副主编（Associate Editor），中国环境科学学会碳排放交易专业委员会委员。

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