期刊名称：Documents de Travail du Centre d'Economie de la Sorbonne
印刷版ISSN：1955-611X
出版年度：2017
出版社：Centre d'Economie de la Sorbonne
摘要：This paper presents an analysis of the European Emission TradingSystem as a transaction network. It is shown that, given the lack of acentralized market place, industrial actors had to resort to local connectionsand nancial intermediaries to participate in the market. Thisgave rise to a hierarchical structure in the transaction network. To empiricallyrelate networks statistics to market outcomes a PLS-PM modelingtechnique is introduced. It is shown that the asymmetries in thenetwork induced market ineciencies (e.g increased bid-ask spread).Albeit the eciency of the market has improved from the beginningof Phase II, the asymmetry persists, imposing unnecessary additionalcosts on agents and reducing the e ectiveness of the market as a mitigationinstrument.
