碳排放额总量不变条件下的跨期定价问题
With the development of the carbon-based market, the valuation of carbon-based asset becomes a new hot issue in financial theoretic studies. Owing to the uncertainty in life cycle of the asset and overlap between the life cycles of the assets, the traditional methods are almost invalid in pricing these assets. This paper concerning the characteristics of carbon-based asset develops a special multiperiod pricing modelbased upon related research.Using the model, emitting company is allowed to decide onover-or-under-emission during different trading periods according to such variables as emission situation, carbon-related market expects and so on. When the market reaches the equilibrium, the carbon emissions show a kind of regular distribution over trading periods and price levels. Such a distribution could explain in theory the interrelationship between the market equili brium and arbitrage.Under the conditions of no arbitrage and complete market,the equilibrium price of c arbon-related market can be determined.
碳排放额总量 跨期定价 计算模型
田文昭 霍钊 王燕祥 葛建华 李晓曼
中国政法大学商学院
国内会议
南京
中文
151-163
2014-10-01（万方平台首次上网日期，不代表论文的发表时间）