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Research on Initialallocationand Transaction Pricing of Water Pollutant Emission Rights

Author: LiShuYing
Tutor: ZhaoZeBin
School: Harbin Institute of Technology
Course: Finance
Keywords: water pollutants emission right initial allocation of pricing transactionpricing game model
CLC: X196
Type: Master's thesis
Year: 2012
Downloads: 49
Quote: 0
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Abstract


The development of economic and improvement of people’s living standardsexacerbated water pollutant emissions. In order to improve the discharge situation ofsewage, and to implement total quantity control, as one of the basic path of theEnvironmental Finance, the Sewage Rights Trading System show promising usage andattracted widespread attention. However, the pricing mechanism of the initial allocationand trading of emission rights has not yet formed, which has seriously affected theemissions trading to carry out. Therefore, it is very imperative to study the emissionstrading. From the angle of compensation for the use of emission rights, in order to get amore reasonable transaction price, this paper researches on the method that is suitablefor China, and establishes realistic theoretical models.This essay firstly systematically sorted out and analyzed the methods of initialallocation and transaction pricing of emission rights at home and abroad, and dissectedthe relative status and differences. Then according to the results of the analysis of therelevant methods and application status, it was combined with factor analysis and resetcost method to determine the water pollutant emission rights initial allocation pricingmodel, after that, it established water pollutant emissions trading pricing bid auction andthe sequential game models under the uniform distribution and normal distributionbased on the Bayesian-Nash equilibrium, and designs the Simpson integral and traversalalgorithm solver for the model. Finally the models was verified by practical applicationbase on real data of three different situations, including the same basin in the sameregions, the same basin in different regions and different basins retrieved from emissiontreatment industry of the Northeast region of China, to get the initial allocation priceand secondary trading prices and give the suggestions. The simulation results show thatthe initial allocation price would be quite different due to different level of regioneconomic and environment development, the initial allocation price of Liaoningprovince were slightly higher than that of Jilin and Heilongjiang provinces; the finalprice of secondary trading of emission rights was related with the buyer’s and seller’s ofvaluation of the probability distribution and costs.

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