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Architecture of the EU Emissions Trading System in Phase 3 and the Distribution of Allowance Asset Values

The EU Emissions Trading System is evolving in a way that is likely to improve its performance, but important questions remain about the future price of emissions allowances and the distribution and use of the asset value created under the system.

Working Paper by Åsa Lofgren, Dallas Burtraw, Markus Wråke, and Anna Malinovskaya — Oct. 23, 2015

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