Linking permit markets multilaterally
研究了多边连接排放交易市场的效率收益的决定因素、大小和分配，利用五个国家的巴黎协定承诺和电力部门排放数据量化了收益，发现收益可观且大致平均分配于努力和风险分担。
We formally study the determinants, magnitude and distribution of efficiency gains generated in multilateral linkages between permit markets. We provide two novel decomposition results for these gains, characterize individual preferences over linking groups and show that our results are largely unaltered with strategic domestic emissions cap selection or when banking and borrowing are allowed. Using the Paris Agreement pledges and power sector emissions data of five countries which all use or considered using both emissions trading and linking, we quantify the efficiency gains. We find that the computed gains can be sizable and are split roughly equally between effort and risk sharing.