&. Euets and . Hintermann, examinent la littérature empirique sur les déterminants du prix et concluent qu'«il existe une interaction complexe entre les émissions BAU, les quantités d'abattement et les prix des permis», c'est-à-dire que notre compréhension de ces déterminants est limitée Par exemple Koch et al. (2014) estiment que les fondamentaux du marché n, 2016.

, Quand de telles imperfections sont présentes, des prix bas peuvent avoir une incidence né

. Ellerman, Tout d'abord, si les agents ont des horizons de temps tronqués et que les permis sont relativement plus abondants aujourd'hui qu'ils ne le seront à l'avenir, les prix ne reflètent pas la rareté à long terme des permis et sont plus bas qu'ils ne devraient l'être, l'attention, à savoir un horizon temporel limité, une actualisation excessive et l'incertitude règlementaire, 2012.

, Bredin & Parsons (2016) ont trouvé que l'EUETS est en contango depuis 2008, c'est-à-dire que les prix des contrats à terme ont été supérieurs aux prix de cost and carry avec des convenience yilds negatifs significatifs

. Koch, fournissent un appui 21 Au niveau d'une firme, le banking à au taux sans risque est limité aux stratégies de couverture. Au-delà, des primes peuvent être appliquées car les opérations de banking sont considérées comme spéculatives. Au niveau institutionnel, le banking peut être limité par des holding limits, Troisièmement, les risques règlementaires associés aux éventuels ajustements du plafond, qu'ils soient à la hausse ou à la baisse, pèsent sur la formation des prix. 22 Salant (2016) les agents sont rationnels, vol.23, p.24, 2016.

, Zélande est attribuable à l'annonce que la règle de conformité '2 tonnes pour 1 permis' sera supprimée. De même, la pression à la baisse sur les prix au sein des pilotes chinois résulte de l'incertitude règlementaire quant à la transition vers un marché national, notamment en ce qui concerne la valeur des permis des pilotes sur le marché national. Les prix du RGGI ont augmenté lorsque un réduction de 45% du plafond a été discutée

. Salant, 2016) s'appuie sur son analyse du 'peso problem' et du prix de l'or dans les années 70 qui n'était pas en accord avec à l'hypothèse d'agents rationnels et neutres au risque, 1978.

V. Helm, Résumé Long pas trop forte par rapport à l'aversion à ambiguïté. Par conséquent, un degré plus élevé d'aversion à l'ambiguïté ne garantie pas nécessairement un ajustement plus important de la quantité d'abattement précoce (en termes absolus), Le fait que les interventions règlementaires discrétionnaires distordent l'optimalité intertemporelle des décisions des agents en raison de leur anticipation des actions réglementaires renvoie au débat 'rules versus discretion' qui remonte à la contribution séminale de Kydland & Prescott, 1977.

Ö. T. Aç?kgöz and H. Benchekroun, Anticipated International Environmental Agreements, European Economic Review, vol.92, pp.306-342, 2017.

D. Alary, C. Gollier, and N. Treich, The Effect of Ambiguity Aversion on Insurance and Self-protection, The Economic Journal, vol.123, issue.573, pp.1188-202, 2013.

S. Albrizio and H. Costa, Policy Uncertainty and Investment in Low-Carbon Technology, vol.27, 2012.
DOI : 10.2139/ssrn.2165214
URL : http://cadmus.eui.eu/bitstream/handle/1814/24914/ECO_2012_27.pdf

J. Altamirano-cabrera and M. Finus, Permit Trading and Stability of International Climate Agreements, Journal of Applied Economics, vol.9, issue.1, pp.19-47, 2006.
DOI : 10.1080/15140326.2006.12040636
URL : https://www.tandfonline.com/doi/pdf/10.1080/15140326.2006.12040636?needAccess=true

A. Baillon, Prudence with respect to Ambiguity, The Economic Journal, 2017.
DOI : 10.1111/ecoj.12358

F. M. Baldursson and N. M. Fehr, Price Volatility and Risk Exposure: On Market-Based Environmental Policy Instruments, Journal of Environmental Economics & Management, vol.48, issue.1, pp.682-704, 2004.

F. M. Baldursson and N. M. Fehr, Price Volatility and Risk Exposure: On the Interaction of Quota and Product Markets, Environmental & Resource Economics, vol.52, issue.2, pp.213-246, 2012.

S. Barrett, Self-Enforcing International Environmental Agreements, Oxford Economic Papers, vol.46, pp.878-94, 1994.
DOI : 10.1093/oep/46.supplement_1.878

W. J. Baumol and W. E. Oates, The Theory of Environmental Policy, 1988.

M. Baxter and R. G. King, Measuring Business Cycles: Approximate Band-Pass Filters for Economic Time Series, Review of Economics and Statistics, vol.81, issue.4, pp.575-93, 1999.
DOI : 10.1162/003465399558454

S. Ben-david, D. Brookshire, S. Burness, M. Mckee, and C. Schmidt, Attitudes toward Risk and Compliance in Emission Permit Markets, Land Economics, vol.76, issue.4, pp.590-600, 2000.

L. Berger, Precautionary Saving and the Notion of Ambiguity Prudence, Economics Letters, vol.123, issue.2, pp.248-51, 2014.

L. Berger, The Impact of Ambiguity and Prudence on Prevention Decisions, Theory & Decision, vol.80, issue.3, pp.389-409, 2016.

L. Berger, H. Bleichrodt, and L. Eeckhoudt, Treatment Decisions under Ambiguity, Journal of Health Economics, vol.32, issue.3, pp.559-69, 2013.
DOI : 10.1016/j.jhealeco.2013.02.001
URL : https://hal.archives-ouvertes.fr/hal-00845893

L. Berger and V. Bosetti, Ellsberg Re-revisited: An Experiment Disentangling Model Uncertainty and Risk Aversion. Nota di Lavoro 37, 2016.
DOI : 10.2139/ssrn.2783677
URL : http://www.feem.it/userfiles/attach/2016521224394NDL2016-037.pdf

L. Berger, J. Emmerling, and M. Tavoni, Managing Catastrophic Climate Risks under Model Uncertainty Aversion, Management Science, vol.63, issue.3, pp.749-65, 2017.
DOI : 10.1287/mnsc.2015.2365
URL : https://hal.archives-ouvertes.fr/hal-01744501

P. M. Bernstein, W. D. Montgomery, T. F. Rutherford, and G. Yang, Effects of Restrictions on International Permit Trading: The MS-MRT Model, The Energy Journal, vol.20, pp.221-56, 1999.

F. Bloch, Endogenous Structures of Association in Oligopolies, RAND Journal of Economics, vol.26, issue.3, pp.537-56, 1995.

F. Bloch, Sequential Formation of Coalitions in Games with Externalities and Fixed Payoff Division, Games & Economic Behavior, vol.14, issue.1, pp.90-123, 1996.

F. Bloch, Non-Cooperative Models of Coalition Formation in Games with Spillovers, The Endogenous Formation of Economic Coalitions, pp.35-79, 2003.

W. Blyth, R. Bradley, D. Bunn, C. Clarke, T. Wilson et al., Investment Risks under Uncertain Climate Change Policy, Energy Policy, vol.35, issue.11, pp.5766-73, 2007.
DOI : 10.1016/j.enpol.2007.05.030

D. M. Bodansky, S. A. Hoedl, G. E. Metcalf, and R. N. Stavins, Facilitating Linkage of Climate Policies Through the Paris Outcome, Climate Policy, vol.16, issue.8, pp.956-72, 2016.

J. Bollen, A. Gielen, and H. Timmer, Clubs, Ceilings and CDM: Macroeconomics of Compliance with the Kyoto Protocol, The Energy Journal, vol.20, pp.177-206, 1999.

S. Borenstein, J. Bushnell, and F. A. Wolak, California's Cap-and-Trade Market through 2030: A Preliminary Supply/Demand Analysis. Working Paper 281, Energy Institute at Haas, 2017.

S. Borenstein, J. Bushnell, F. A. Wolak, and M. Zaragoza-watkins, Expecting the Unexpected: Emissions Uncertainty and Environmental Market Design, 2016.
DOI : 10.3386/w20999
URL : https://doi.org/10.3386/w20999

A. L. Bovenberg and L. H. Goulder, Optimal Environmental Taxation in the Presence of Other Taxes: General-Equilibrium Analyses, American Economic Review, vol.86, issue.4, pp.985-1000, 1996.

N. Braun, T. Fitzgerald, and J. Pearcy, Tradable Emissions Permits with Offsets, Emissions Trading as a Policy Instrument: Evaluation and Prospects, pp.239-66, 2015.
DOI : 10.7551/mitpress/9780262029285.003.0010

T. Bréchet and P. Jouvet, Environmental Innovation and the Cost of Pollution Abatement Revisited, Ecological Economics, vol.65, issue.2, pp.262-267, 2008.

D. Bredin and J. Parsons, Why is Spot Carbon so Cheap and Future Carbon so Dear? The Term Structure of Carbon Prices, The Energy Journal, vol.37, issue.3, pp.83-107, 2016.

M. Brunette, L. Cabantous, and S. Couture, Are Individuals more Risk and Ambiguity Averse in a Group Environment or Alone? Results from an Experimental Study, Theory & Decision, vol.78, issue.3, pp.357-76, 2015.
DOI : 10.1007/s11238-014-9432-5
URL : https://hal.archives-ouvertes.fr/hal-01189933

S. Brunner, C. Flachsland, and R. Marschinski, Credible Commitment in Carbon Policy, Climate Policy, vol.12, issue.2, pp.255-71, 2012.
DOI : 10.1080/14693062.2011.582327

D. Burtraw, K. L. Palmer, and D. Kahn, A Symmetric Safety Valve, Energy Policy, vol.38, issue.9, pp.4921-4953, 2010.
DOI : 10.2139/ssrn.1352002

D. Burtraw, K. L. Palmer, C. Munnings, P. Weber, and M. Woerman, Linking Bibliography 203 by Degrees: Incremental Alignment of Cap-and-Trade Markets, 2013.
DOI : 10.2139/ssrn.2249955

L. Cabantous, Ambiguity Aversion in the Field of Insurance: Insurers' Attitude to Imprecise and Conflicting Probability Estimates, Theory & Decision, vol.62, issue.3, pp.219-259, 2007.

B. Caillaud and G. Demange, Joint Design of Emission Tax and Trading Systems, Annals of Economics & Statistics, forthcoming, 2017.
URL : https://hal.archives-ouvertes.fr/halshs-01112185

C. Calderón, A. Chong, and E. Stein, Trade Intensity and Business Cycle Synchronization: Are Developing Countries any Different, Journal of International Economics, vol.71, issue.1, pp.2-21, 2007.

A. Caparrós and J. Péreau, Multilateral versus Sequential Negotiations over Climate Change, Oxford Economic Papers, pp.1-23, 2017.

J. C. Carbone, C. Helm, and T. F. Rutherford, The Case for International Emission Trade in the Absence of Cooperative Climate Policy, Journal of Environmental Economics & Management, vol.58, issue.3, pp.266-80, 2009.

C. Carraro, J. Eyckmans, and M. Finus, Optimal Transfers and Participation Decisions in International Environmental Agreements, Review of International Organizations, vol.1, issue.4, pp.379-96, 2006.
DOI : 10.2139/ssrn.702761
URL : https://www.econstor.eu/bitstream/10419/74060/1/NDL2005-050.pdf

C. Carraro and D. Siniscalco, Strategies for the International Protection of the Environment, Journal of Public Economics, vol.52, pp.309-337, 1993.

F. Caselli, M. Koren, M. Lisicky, and S. Tenreyro, Diversification through Trade, National Bureau of Economic Research, 2015.
DOI : 10.3386/w21498
URL : https://doi.org/10.3386/w21498

T. N. Cason and L. Gangadharan, Price Discovery and Intermediation in Linked Emissions Trading Markets: A Laboratory Study, Ecological Economics, vol.70, issue.7, pp.1424-1457, 2011.
DOI : 10.1016/j.ecolecon.2011.03.005
URL : http://www.krannert.purdue.edu/faculty/cason/papers/Linking-ET.pdf

P. Chander and H. Tulkens, A Core-Theoretic Solution for the Design of Cooperative Agreements on Transfrontier Pollution, International Tax & Public Finance, vol.2, issue.2, pp.279-93, 1995.

P. Chander and H. Tulkens, The Core of an Economy with Multilateral Environmental Externalities, International Journal of Game Theory, vol.26, issue.3, pp.379-401, 1997.
DOI : 10.1007/978-0-387-25534-7_10
URL : http://dlc.dlib.indiana.edu/dlc/bitstream/handle/10535/5801/The%20core%20of%20an%20economy%20with%20multilateral%20environmental%20externalities.pdf?sequence=1&isAllowed=y

H. Chao and R. Wilson, Option Value of Emission Allowances, Journal of Regulatory Economics, vol.5, issue.3, pp.233-282, 1993.

A. Chateauneuf, J. Eichberger, and S. Grant, Choice under Uncertainty with the Best and Worst in Mind: Neo-Additive Capacities, Journal of Economic Theory, vol.137, issue.1, pp.538-67, 2007.
DOI : 10.1016/j.jet.2007.01.017
URL : https://hal.archives-ouvertes.fr/hal-00271279

Y. Chen and C. Tseng, Inducing Clean Technology in the Electricity Sector: Tradable Permits or Carbon Tax Policies?, The Energy Journal, vol.32, issue.3, pp.149-174, 2011.
DOI : 10.5547/issn0195-6574-ej-vol32-no3-6

J. Chevallier, Banking and Borrowing in the EUETS: A Review of Economic Modelling, Current Provisions and Prospects for Future Design, Journal of Economic Surveys, vol.26, issue.1, pp.157-76, 2012.

J. Chevallier, J. Etner, and P. Jouvet, Bankable Emission Permits under Uncertainty and Optimal Risk-Management Rules, Research in Economics, vol.65, issue.4, pp.332-341, 2011.
DOI : 10.1016/j.rie.2011.01.004

B. Chèze, J. Chevallier, and E. Alberola, The Environmental Effectiveness of the EUETS in Presence of Economic Recession and Climate Policies Overlaps, 2016.

L. J. Bibliography-christiano and T. J. Fitzgerald, The Band Pass Filter, International Economic Review, vol.44, issue.2, pp.435-65, 2003.

M. S. Chwe and .. , Farsighted Coalitional Stability, Journal of Economic Theory, vol.63, issue.2, pp.299-325, 1994.
DOI : 10.1006/jeth.1994.1044

S. Clò, S. Battles, and P. Zoppoli, Policy Options to Improve the Effectiveness of the EU Emissions Trading System: A Multi-Criteria Analysis, Energy Policy, vol.57, pp.477-90, 2013.

R. H. Coase, The Problem of Social Cost, Journal of Law & Economics, vol.3, issue.1, pp.1-44, 1960.

P. Colla, M. Germain, and V. Van-steenberghe, Environmental Policy and Speculation on Markets for Emission Permits, Economica, vol.79, issue.313, pp.152-82, 2012.

F. Collard, S. Mukerji, K. Sheppard, and J. Tallon, Ambiguity and the Historical Equity Premium. Document de Travail 32, 2011.
URL : https://hal.archives-ouvertes.fr/halshs-00594096

A. Creti and M. Joëts, Multiple Bubbles in the European Union Emission Trading Scheme, Energy Policy, vol.107, pp.119-149, 2017.
URL : https://hal.archives-ouvertes.fr/hal-01549809

P. Criqui, S. Mima, and L. Viguier, Marginal Abatement Costs of CO 2 Emission Reductions, Geographical Flexibility and Concrete Ceilings: An Assessment using the POLES Model, Energy Policy, vol.27, issue.10, pp.585-601, 1999.
DOI : 10.1016/s0301-4215(99)00051-8

T. D. Crocker, Structuring of Atmospheric Pollution Control Systems, The Economics of Air Pollution, pp.61-86, 1966.

M. B. Cronshaw and J. B. Kruse, Regulated Firms in Pollution Permit Markets with Banking, Journal of Regulatory Economics, vol.9, issue.2, pp.179-89, 1996.

M. L. Cropper and W. E. Oates, Environmental Economics: A Survey, Journal of Economic Literature, vol.30, issue.2, pp.675-740, 1992.

A. J. Dalal and M. Alghalith, Production Decisions under Joint Price and Production Uncertainty, European Journal of Operational Research, vol.197, issue.1, pp.84-92, 2009.

J. H. Dales, Pollution, Property and Prices, 1968.

E. Danan, T. Gajdos, B. Hill, and J. Tallon, Robust Social Decisions, American Economic Review, vol.106, issue.9, pp.2407-2432, 2016.
URL : https://hal.archives-ouvertes.fr/hal-01241819

D. 'aspremont, C. Jacquemin, A. Gabszewicz, J. J. Weymark, and J. A. , On the Stability of Collusive Price Leadership, Canadian Journal of Economics, vol.16, issue.1, pp.17-25, 1983.

A. K. Dixit and R. S. Pindyck, Investment under Uncertainty, 1994.

B. L. Doda, Evidence on Business Cycles and CO 2 Emissions, Journal of Macroeconomics, vol.40, pp.214-241, 2014.

B. L. Doda, How to Price Carbon in Good Times, And Bad! Wiley Interdisciplinary Reviews: Climate Change, vol.7, pp.135-179, 2016.

B. L. Doda and L. Taschini, Carbon Dating: When is it Beneficial to Link ETSs?, Journal of the Association of Environmental & Resource Economists, vol.4, issue.3, pp.701-731, 2017.

M. J. Dorsch and C. Flachsland, A Polycentric Approach to Global Climate Governance, Global Environmental Politics, vol.17, issue.2, pp.45-64, 2017.

J. Dorsey, Waiting on the Courts: Effects of Policy Uncertainty on Pollution and Investment, 2017.

J. Eichberger and D. Kelsey, E-Capacities and the Ellsberg Paradox, Theory & Decision, vol.46, issue.2, pp.107-145, 1999.

A. D. Ellerman, From Autarkic to Market-Based Compliance: Learning from Our Mistakes, Emissions Trading: Environmental Policy's New approach, pp.190-215, 2000.

A. D. Ellerman, The EU Emission Trading Scheme: A Prototype Global System?, Post-Kyoto International Climate Policy: Implementing Architectures for Agreement, pp.88-118, 2010.

A. D. Ellerman, Governance Issues in a Multinational Cap-and-Trade System: Centralization and Harmonization, Global Environmental Commons, pp.180-96, 2012.

A. D. Ellerman, F. J. Convery, and C. De-perthuis, Pricing Carbon: The European Union Emissions Trading Scheme, 2010.

A. D. Ellerman, P. L. Josko, R. Schmalensee, J. Montero, and E. M. Bailey, Markets for Clean Air: The U.S. Acid Rain Program, 2000.

A. D. Ellerman, C. Marcantonini, and A. Zaklan, The European Union Emissions Trading System: Ten Years and Counting, Review of Environmental Economics & Policy, vol.10, issue.1, pp.89-107, 2016.

A. D. Ellerman and I. Wing, Supplementarity: An Invitation to Monopsony?, The Energy Journal, vol.21, issue.4, pp.29-59, 2000.

A. D. Ellerman, V. Valero, and A. Zaklan, An Analysis of Allowance Banking in the EU ETS, 2015.

D. Ellsberg, Risk, Ambiguity, and the Savage Axioms, Quarterly Journal of Economics, vol.75, issue.4, pp.643-69, 1961.
DOI : 10.1017/cbo9780511609220.017
URL : http://www.dtic.mil/cgi-bin/GetTRDoc?AD=AD0646719&Location=U2&doc=GetTRDoc.pdf

. Epri, Interactions of Cost-Containment Measures and Linking of Greenhouse Gas Emissions Cap-and-Trade Programs, 2006.

J. Etner, M. Jeleva, and J. Tallon, Decision Theory under Ambiguity, Journal of Economic Surveys, vol.26, issue.2, pp.234-70, 2012.
DOI : 10.1111/j.1467-6419.2010.00641.x
URL : https://hal.archives-ouvertes.fr/halshs-00643580

, Acting Now to Reinvigorate Global Action on Climate Change, European Commission, p.86, 2010.

J. Eyckmans and S. Kverndokk, Moral Concerns on Tradable Pollution Permits in International Environmental Agreements, Ecological Economics, vol.69, issue.9, pp.1814-1837, 2010.

R. Falkner, A Minilateral Solution for Global Climate Change? On Bargaining Efficiency, Club Benefits, and International Legitimacy, Perspectives on Politics, vol.14, issue.1, pp.87-101, 2016.

S. Fankhauser and C. Hepburn, Designing Carbon Markets, Part I: Carbon Markets in Time, Energy Policy, vol.38, issue.8, pp.4363-70, 2010.

S. Fankhauser and C. Hepburn, Designing Carbon Markets, Part II: Carbon Markets in Space, Energy Policy, vol.38, issue.8, pp.4381-4388, 2010.

H. Bibliography-fell, D. Burtraw, R. D. Morgenstern, and K. L. Palmer, Soft and Hard Price Collars in a Cap-and-Trade System: A Comparative Analysis, Journal of Environmental Economics & Management, vol.64, issue.2, pp.183-98, 2012.

H. Fell, I. A. Mackenzie, and W. A. Pizer, Prices versus Quantities versus Bankable Quantities, Resource & Energy Economics, vol.34, issue.4, pp.607-630, 2012.

H. Feng and J. Zhao, Alternative Intertemporal Permit Trading Regimes with Stochastic Abatement Costs, Resource & Energy Economics, vol.28, issue.1, pp.24-40, 2006.

M. Finus and S. Maus, Modesty May Pay!, Journal of Public Economic Theory, vol.10, issue.5, pp.801-827, 2008.

C. Flachsland, R. Marschinski, and O. Edenhofer, Global Trading versus Linking: Architectures for International Emissions Trading, Energy Policy, vol.37, issue.5, pp.1637-1684, 2009.

C. Flachsland, R. Marschinski, and O. Edenhofer, To Link or Not To Link: Benefits and Disadvantages of Linking Cap-and-Trade Systems, Climate Policy, vol.9, issue.4, pp.358-72, 2009.

C. Forner and F. Jotzo, Future Restrictions for Sinks in the CDM: How about a Cap on Supply? Climate Policy, vol.2, pp.353-65, 2002.

F. R. Førsund and E. Naevdal, Efficiency Gains under Exchange-Rate Emission Trading, Environmental & Resource Economics, vol.12, issue.4, pp.403-426, 1998.

M. Fowlie, Is Cap and Trade Failing Low Income and Minority Communities? Blog Post (October, 10), 2016.

M. Fowlie, S. P. Holland, and E. T. Mansur, What Do Emissions Markets Deliver and to Whom? Evidence from Southern California's NOx Trading Program, American Economic Review, vol.102, issue.2, pp.965-93, 2012.

M. Fowlie and N. Muller, Market-Based Emissions Regulation when Damages Vary across Sources: What are the Gains from Differentiation? Working Paper 18801, 2017.
DOI : 10.3386/w18801
URL : https://doi.org/10.3386/w18801

M. Fowlie and J. M. Perloff, Distributing Pollution Rights in Cap-and-Trade Programs: Are Outcomes Independent of Allocation?, Review of Economics & Statistics, vol.95, issue.5, pp.1640-52, 2013.
DOI : 10.1162/rest_a_00345
URL : http://are.berkeley.edu/~jperloff/PDF/RECLAIM.pdf

O. Fromm and B. Hansjürgens, Emission Trading in Theory and Practice: An Analysis of RECLAIM in Southern California, Environment & Planning C: Government & Policy, vol.14, issue.3, pp.367-84, 1996.

J. Füssler, A. Wunderlich, and L. Taschini, International Carbon Asset Reserve: Prototyping for Instruments Reducing Risks and Linking Carbon Markets. Final Report, The World Bank Group ? Networked Carbon Markets, INFRAS, 2016.

C. Gavard, N. Winchester, and S. Paltsev, Limited Trading of Emissions Permits as a Climate Cooperation Mechanism? US-China and EU-China Examples, Energy Economics, vol.58, pp.95-104, 2016.
DOI : 10.1016/j.eneco.2016.06.012

A. Gelves and M. Mcginty, International Environmental Agreements with Consistent Conjectures, Journal of Environmental Economics & Management, vol.78, pp.67-84, 2016.
DOI : 10.1016/j.jeem.2016.02.005

H. Gersbach and R. Winkler, International Emission Permit Markets with Refunding, European Economic Review, vol.55, issue.6, pp.759-73, 2011.
DOI : 10.2139/ssrn.1279428
URL : https://www.econstor.eu/bitstream/10419/171540/1/wp-08-097.pdf

P. Ghirardato, F. Maccheroni, and M. Marinacci, Differentiating Ambiguity and Ambiguity Attitude, Journal of Economic Theory, vol.118, issue.2, pp.133-73, 2004.
DOI : 10.1016/j.jet.2003.12.004
URL : http://web.econ.unito.it/gma/paolo/diff.pdf

J. Gierlinger and C. Gollier, Do Interest Rates Decline When There Is Ambiguity About Growth?, 2017.

I. Gilboa and D. Schmeidler, Maxmin Expected Utility with Non-Unique Prior, Journal of Mathematical Economics, vol.18, issue.2, pp.141-53, 1989.
DOI : 10.4324/9780203358061_chapter_6
URL : https://hal.archives-ouvertes.fr/hal-00753237

C. Gollier, Portfolio Choices and Asset Prices: The Comparative Statics of Ambiguity Aversion, Review of Economic Studies, vol.78, issue.4, pp.1329-1373, 2011.

A. L. Goodkind and J. S. Coggins, The Weitzman Price Corner, Journal of Environmental Economics & Management, vol.73, pp.1-12, 2015.
DOI : 10.1016/j.jeem.2015.06.001

L. H. Goulder, Markets for Pollution Allowances: What Are the (New) Lessons?, Journal of Economic Perspectives, vol.27, issue.1, pp.87-102, 2013.

L. H. Goulder and A. R. Schein, Carbon Taxes versus Cap and Trade: A Critical Review, Climate Change Economics, vol.4, issue.3, 2013.

C. A. Grainger and C. J. Costello, Capitalizing Property Rights Insecurity in Natural Resource Assets, Journal of Environmental Economics & Management, vol.67, issue.2, pp.224-264, 2014.
DOI : 10.1016/j.jeem.2013.12.005
URL : http://www2.toulouse.inra.fr/lerna/seminaires/Property_Rights_COSTELLO.pdf

M. Gronwald and B. Hintermann, Explaining the EUA-CER Spread, 2016.

G. Grosjean, W. Acworth, C. Flachsland, and R. Marschinski, After Monetary Policy, Climate Policy: Is Delegation the Key to EUETS Reform? Climate Policy, vol.16, pp.1-25, 2016.

G. Grüll and L. Taschini, Linking Emission Trading Schemes: A Short Note, Economics of Energy & Environmental Policy, vol.1, issue.3, pp.31-39, 2012.

A. Guerdjikova and E. Sciubba, Survival with Ambiguity, Journal of Economic Theory, vol.155, pp.50-94, 2015.
URL : https://hal.archives-ouvertes.fr/hal-01609134

M. Guetlein, Comparative Risk Aversion in the Presence of Ambiguity, American Economic Journal: Microeconomics, vol.8, issue.3, pp.51-63, 2016.

W. Habla and R. Winkler, Strategic Delegation and International Permit Markets: Why Linking May Fail, pp.6515-2017, 2017.

R. W. Hahn, Market Power and Transferable Property Rights, Quarterly Journal of Economics, vol.99, issue.4, pp.753-65, 1984.

R. W. Hahn and R. N. Stavins, The Effect of Allowance Allocations on Cap-andTrade System Performance, Journal of Law & Economics, vol.54, issue.S4, pp.267-94, 2011.

L. P. Hansen and T. J. Sargent, Robust Control and Model Uncertainty, American Economic Review, vol.91, issue.2, pp.60-66, 2001.

B. Harstad and G. S. Eskeland, Trading for the Future: Signaling in Permit Markets, Journal of Public Economics, vol.94, issue.9, pp.749-60, 2010.

M. Hasegawa and S. W. Salant, The Dynamics of Pollution Permits, Annual Review of Resource Economics, vol.7, pp.61-79, 2015.

P. Heindl, P. J. Wood, and F. Jotzo, Combining International Cap-and-Trade with National Carbon Taxes, 2014.

J. Heitzig, Bottom-Up Strategic Linking of Carbon Markets: Which Climate Coalitions Would Farsighted Players Form? Nota di Lavoro 48, 2013.

C. Helm, On the Existence of a Cooperative Solution for a Coalitional Game with Externalities, International Journal of Game Theory, vol.30, issue.1, pp.141-147, 2001.

C. Helm, International Emissions Trading with Endogenous Allowance Choices, Journal of Public Economics, vol.87, issue.12, pp.2737-2784, 2003.

D. Helm, C. Hepburn, and R. Mash, Credible Carbon Policy, Oxford Review of Economic Policy, vol.19, issue.3, pp.438-50, 2003.

D. A. Hennessy and J. Roosen, Stochastic Pollution, Permits, and Merger Incentives, Journal of Environmental Economics & Management, vol.37, issue.3, pp.211-243, 1999.

C. Hepburn, Regulation by Prices, Quantities, or Both: A Review of Instrument Choice, Oxford Review of Economic Policy, vol.22, issue.2, pp.226-247, 2006.

B. Hintermann, S. Peterson, and W. Rickels, Price and Market Behavior in Phase II of the EUETS: A Review of the Literature, Review of Environmental Economics & Policy, vol.10, issue.1, pp.108-136, 2016.

R. J. Hodrick and E. C. Prescott, Postwar U.S. Business Cycles: An Empirical Investigation, Journal of Money, Credit and Banking, vol.29, issue.1, pp.1-16, 1997.

M. Hoel and L. Karp, Taxes and Quotas for a Stock Pollutant with Multiplicative Uncertainty, Journal of Public Economics, vol.82, issue.1, pp.91-114, 2001.

V. H. Hoffmann, T. Trautmann, and M. Schneider, A Taxonomy for Regulatory Uncertainty: Application to the European Emissions Trading Scheme, Environmental Science & Policy, vol.11, issue.8, pp.712-734, 2008.

S. P. Holland and M. R. Moore, Market Design in Cap-and-Trade Programs: Permit Validity and Compliance Timing, Journal of Environmental Economics & Management, vol.66, issue.3, pp.671-87, 2013.

S. P. Holland and A. J. Yates, Optimal Trading Ratios for Pollution Permit Markets, Journal of Public Economics, vol.125, pp.16-27, 2015.

C. A. Holt and W. M. Shobe, Price and Quantity Collars for Stabilizing Emission Allowance Prices: Laboratory Experiments on the EUETS Market Stability Reserve, Journal of Environmental Economics & Management, vol.80, pp.69-86, 2016.

B. Holtsmark and D. E. Sommervoll, International Emissions Trading: Good or Bad?, Economics Letters, vol.117, issue.1, pp.362-366, 2012.
DOI : 10.1016/j.econlet.2012.05.034

K. Holtsmark and K. Midttømme, The Dynamics of Linking Permit Markets, R&R American Economic Review, pp.2-2015, 2015.

H. Hotelling, The Economics of Exhaustible Resources, Journal of Political Economy, vol.39, issue.2, pp.137-75, 1931.
DOI : 10.1007/bf02464433

, Berlin: International Carbon Action Partnership, ICAP, 2017.

R. Innes, Stochastic Pollution, Costly Sanctions, and Optimality of Emission Permit Banking, Journal of Environmental Economics & Management, vol.45, issue.3, pp.546-68, 2003.

, Bibliography 209

. Ipcc, Fifth Assesment Report. Intergovernmental Panel on Climate Change, 2014.

J. V. Itkonen, Emission Trading in a Network of Linked Markets, Area Conference on Energy and Climate Economics, 2014.

D. S. Jacks, K. H. O'rourke, and J. G. Williamson, Commodity Price Volatility and World Market Integration since 1700, Review of Economics and Statistics, vol.93, issue.3, pp.800-813, 2011.

J. Jaffe, M. Ranson, and R. N. Stavins, Linking Tradable Permit Systems: A Key Element of Emerging International Climate Change Architecture, Ecology Law Quarterly, vol.36, issue.4, pp.789-809, 2009.

M. Jakob and S. Brunner, Optimal Commitment Under Uncertainty: Adjustment Rules for Climate Policy, Strategic Behavior & the Environment, vol.4, issue.3, pp.291-310, 2014.

T. Jevnaker and J. Wettestad, Linked Carbon Markets: Silver Bullet, or Castle in the Air? Climate Law, vol.6, pp.142-51, 2016.

F. Jotzo and R. Betz, Australia's Emissions Trading Scheme: Opportunities and Obstacles for Linking, Climate Policy, vol.9, issue.4, pp.402-416, 2009.

N. Ju and J. Miao, Ambiguity, Learning, and Asset Returns, Econometrica, vol.80, issue.2, pp.559-91, 2012.

A. Kachi, C. Unger, N. Böhm, K. Stelmakh, C. Haug et al., Linking Emissions Trading Systems: A Summary of Current Research, International Carbon Action Partnership, 2015.

N. Keohane, A. Petsonk, and A. Hanafi, Toward a Club of Carbon Markets, Climatic Change, pp.1-15, 2015.

R. O. Keohane and D. G. Victor, Cooperation and Discord in Global Climate Policy, Nature Climate Change, vol.6, pp.570-575, 2016.

M. S. Kimball, Precautionary Saving in the Small and in the Large, Econometrica, vol.58, issue.1, pp.53-73, 1990.

P. Klibanoff, M. Marinacci, and S. Mukerji, A Smooth Model of Decision Making under Ambiguity, Econometrica, vol.73, issue.6, pp.1849-92, 2005.

P. Klibanoff, M. Marinacci, and S. Mukerji, Recursive Smooth Ambiguity Preferences, Journal of Economic Theory, vol.144, issue.3, pp.930-76, 2009.

C. Kling and J. Rubin, Bankable Permits for the Control of Environmental Pollution, Journal of Public Economics, vol.64, issue.1, pp.101-116, 1997.
DOI : 10.1016/s0047-2727(96)01600-3

F. H. Knight, Risk, Uncertainty, and Profit, 1921.
DOI : 10.1017/cbo9780511817410.005
URL : https://babel.hathitrust.org/cgi/imgsrv/download/pdf?id=loc.ark%3A%2F13960%2Ft2j687w8t;orient=0;size=100;seq=7;attachment=0

N. Koch, S. Fuss, G. Grosjean, and O. Edenhofer, Causes of the EUETS Price Drop: Recession, CDM, Renewable Policies or a Bit of Everything??New Evidence, Energy Policy, vol.73, pp.676-85, 2014.

N. Koch, G. Grosjean, S. Fuss, and O. Edenhofer, Politics Matters: Regulatory Events as Catalysts for Price Formation under Cap-and-Trade, Journal of Environmental Economics & Management, vol.78, pp.121-160, 2016.
DOI : 10.2139/ssrn.2603115

S. Kollenberg and L. Taschini, Emissions Trading Systems with Cap Adjustments, Journal of Environmental Economics & Management, vol.80, pp.20-36, 2016.
DOI : 10.1016/j.jeem.2016.09.003
URL : https://doi.org/10.1016/j.jeem.2016.09.003

H. Konishi and D. Ray, Coalition Formation as a Dynamic Process, Journal of Economic Theory, vol.110, issue.1, pp.1-41, 2003.
DOI : 10.1016/s0022-0531(03)00004-8
URL : http://www.grandcoalition.com/papers/konishiray_1.pdf

A. J. Krupnick, W. E. Oates, and E. V. Verg, On Marketable Air-Pollution Permits: The Case for a System of Pollution Offsets, Journal of Environmental Economics & Management, vol.10, issue.3, pp.233-280, 1983.

F. E. Kydland and E. C. Prescott, Rules Rather than Discretion: The Inconsistency of Optimal Plans, Journal of Political Economy, vol.85, issue.3, pp.473-91, 1977.

J. Laffont and J. Tirole, Pollution Permits and Compliance Strategies, Journal of Public Economics, vol.62, issue.1, pp.85-125, 1996.
DOI : 10.1016/0047-2727(96)01575-7
URL : http://dspace.mit.edu/bitstream/1721.1/64118/1/pollutionpermits00laff.pdf

M. Lazarus, L. Schneider, C. Lee, and H. Van-asselt, Options and Issues for Restricted Linking of Emissions Trading Systems. Prepared by the Stockholm Environment Institute, International Carbon Action Partnership, 2015.

O. Lecuyer and P. Quirion, Can Uncertainty Justify Overlapping Policy Instruments to Mitigate Emissions?, Ecological Economics, vol.93, pp.177-191, 2013.
DOI : 10.2139/ssrn.2192517
URL : https://hal.archives-ouvertes.fr/hal-00834792

O. Lecuyer and P. Quirion, Interaction between CO 2 Emissions Trading and Renewable Energy Subsidies under Uncertainty: Feed-In Tariffs as a Safety Net against Over-Allocation, 2016.

P. Leiby and J. Rubin, Intertemporal Permit Trading for the Control of Greenhouse Gas Emissions, Environmental & Resource Economics, vol.19, issue.3, pp.229-56, 2001.

H. E. Leland, Saving and Uncertainty: The Precautionary Demand for Saving, Quarterly Journal of Economics, vol.82, issue.3, pp.465-73, 1968.
DOI : 10.2307/1879518

K. Lessmann, U. Kornek, V. Bosetti, R. Dellink, J. Emmerling et al., The Stability and Effectiveness of Climate Coalitions, Environmental & Resource Economics, vol.62, issue.4, pp.811-847, 2015.
DOI : 10.1007/s10640-015-9886-0

R. G. Lipsey and K. Lancaster, The General Theory of Second Best, Review of Economic Studies, vol.24, issue.1, pp.11-32, 1956.

X. Liu, Extracting the Resource Rent from the CDM Projects: Can the Chinese Government Do Better? Energy Policy, vol.38, pp.1004-1013, 2010.
DOI : 10.1016/j.enpol.2009.10.052

M. J. Machina and M. Siniscalchi, Ambiguity and Ambiguity Aversion, Handbook of the Economics of Risk and Uncertainty, vol.1, pp.729-807, 2014.

I. A. Mackenzie, Tradable Permit Allocations and Sequential Choice, Resource & Energy Economics, vol.33, issue.1, pp.268-78, 2011.

C. Marchiori, S. Dietz, and A. Tavoni, Domestic Politics and the Formation of International Environmental Agreements, Journal of Environmental Economics & Management, vol.81, pp.115-146, 2017.

M. Marinacci, Model Uncertainty, Journal of the European Economic Association, vol.13, issue.6, pp.1022-100, 2015.
DOI : 10.1111/jeea.12164

H. Markowitz, Portfolio Selection, Journal of Finance, vol.7, issue.1, pp.77-91, 1952.

R. Marschinski, C. Flachsland, and M. Jakob, Sectoral Linking of Carbon Markets: A Trade-Theory Analysis, Resource & Energy Economics, vol.34, issue.4, pp.585-606, 2012.
DOI : 10.1016/j.reseneeco.2012.05.005

R. Martin, L. B. De-preux, and U. J. Wagner, The Impact of a Carbon Tax on Manufacturing: Evidence from Microdata, Journal of Public Economics, vol.117, pp.1-14, 2014.

M. Mcginty, International Environmental Agreements among Asymmetric Nations, Oxford Economic Papers, vol.59, issue.1, pp.45-62, 2007.

M. A. Mehling, Legal Frameworks for Linking National Emissions Trading Systems, pp.257-85, 2016.
DOI : 10.1093/law/9780199684601.003.0013

M. A. Mehling and B. Görlach, Multilateral Linking of Emissions Trading Systems, 2016.

M. A. Mehling and E. Haites, Mechanisms for Linking Emissions Trading Schemes, Climate Policy, vol.9, issue.2, pp.169-84, 2009.

R. Mendelsohn, Regulating Heterogeneous Emissions, Journal of Environmental Economics & Management, vol.13, issue.4, pp.301-313, 1986.
DOI : 10.1016/0095-0696(86)90001-x

G. E. Metcalf, Market-Based Policy Options to Control U.S. Greenhouse Gas Emissions, Journal of Economic Perspectives, vol.23, issue.2, pp.5-27, 2009.
DOI : 10.1257/jep.23.2.5
URL : https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.23.2.5

G. E. Metcalf and D. Weisbach, Linking Policies When Tastes Differ: Global Climate Policy in a, Heterogeneous World. Review of Environmental Economics & Policy, vol.6, issue.1, pp.110-139, 2012.

D. De-meza and F. Van-der-ploeg, Production Flexibility as a Motive for Multinationality, Journal of Industrial Economics, vol.35, issue.3, pp.343-51, 1987.

A. Millner, S. Dietz, and G. Heal, Scientific Ambiguity and Climate Policy. Environmental & Resource Economics, vol.55, pp.21-46, 2013.
DOI : 10.1007/s10640-012-9612-0

W. D. Montgomery, Markets in Licenses and Efficient Pollution Control Programs, Journal of Economic Theory, vol.5, issue.3, pp.395-418, 1972.
DOI : 10.1016/0022-0531(72)90049-x

N. Z. Muller and R. Mendelsohn, Efficient Pollution Regulation: Getting the Prices Right, American Economic Review, vol.99, issue.5, pp.1714-1753, 2009.
DOI : 10.1257/aer.99.5.1714

H. Naegele, Offset Credits in the EUETS: A Quantile Estimation of Firm-Level Transaction Costs, 2015.

M. Nagashima, R. Dellink, E. Van-ierland, and H. Weikard, Stability of International Climate Coalitions ? A Comparison of Transfer Schemes, Ecological Economics, vol.68, issue.5, pp.1476-87, 2009.

J. F. Nash, The Bargaining Problem, Econometrica, vol.18, issue.2, pp.155-62, 1950.

K. Neuhoff, A. Schopp, R. Boyd, K. Stelmakh, and A. Vasa, Banking of Surplus Emissions Allowances: Does the Volume Matter? Working Paper 1196, 2012.

R. G. Newell and W. A. Pizer, Regulating Stock Externalities under Uncertainty, Journal of Environmental Economics & Management, vol.45, issue.2, pp.416-448, 2003.
DOI : 10.2139/ssrn.223774
URL : http://www.rff.org/~newell/stocks.PDF

R. G. Newell and W. A. Pizer, Indexed Regulation, Journal of Environmental Economics & Management, vol.56, issue.3, pp.221-254, 2008.
DOI : 10.3386/w13991
URL : https://doi.org/10.3386/w13991

R. G. Newell, W. A. Pizer, and D. Raimi, Carbon Markets 15 Years after Kyoto: Lessons Learned, New Challenges, Journal of Economic Perspectives, vol.27, issue.1, pp.123-169, 2013.
DOI : 10.1257/jep.27.1.123
URL : https://dukespace.lib.duke.edu/dspace/bitstream/10161/10264/2/NewellPizerRaimi%20JEP.pdf

R. G. Newell, W. A. Pizer, and J. Zhang, Managing Permit Markets to Stabilize Prices, Environmental & Resource Economics, vol.31, issue.2, pp.133-57, 2005.
DOI : 10.1007/s10640-005-1761-y
URL : http://www.rff.org/rff/Documents/RFF-DP-03-34.pdf

R. G. Newell and R. N. Stavins, Cost Heterogeneity and the Potential Savings from Market-Based Policies, Journal of Regulatory Economics, vol.23, issue.1, pp.43-59, 2003.

W. Y. Oi, The Desirability of Price Instability under Perfect Competition. Econometrica, vol.29, pp.58-64, 1961.
DOI : 10.2307/1907687

Y. Osaki and H. Schlesinger, Precautionary Saving and Ambiguity, mimeo, 2014.

Y. Osaki, K. P. Wong, and L. Yi, Hedging and the Competitive Firm under Ambiguous Price and Background Risk, Bulletin of Economic Research, 2016.
DOI : 10.1111/boer.12092

D. Osmani and R. Tol, Toward Farsightedly Stable International Environmental Agreements, Journal of Public Economic Theory, vol.11, issue.3, pp.455-92, 2009.

E. Ostrom, A Polycentric Approach for Coping with Climate Change. Policy Research Working Paper 5095, 2009.
DOI : 10.2139/ssrn.1934353
URL : http://dlc.dlib.indiana.edu/dlc/bitstream/handle/10535/5357/SSRN-id1494833-1.pdf?sequence=1&isAllowed=y

C. De-perthuis and R. Trotignon, Governance of CO 2 Markets: Lessons from the EUETS, Energy Policy, vol.75, pp.100-106, 2014.

J. C. Pezzey and F. Jotzo, Tax-versus-Trading and Efficient Revenue Recycling as Issues for Greenhouse Gas Abatement, Journal of Environmental Economics & Management, vol.64, issue.2, pp.230-236, 2012.
DOI : 10.1016/j.jeem.2012.02.006

J. C. Pezzey and F. Jotzo, Carbon Tax Needs Thresholds to Reach its Full Potential, Nature Climate Change, vol.3, pp.1008-1019, 2013.
DOI : 10.1038/nclimate2054

A. C. Pigou, The Economics of Welfare, 1920.

W. A. Pizer, Combining Price and Quantity Controls to Mitigate Global Climate Change, Journal of Public Economics, vol.85, issue.3, pp.409-443, 2002.
DOI : 10.1016/s0047-2727(01)00118-9

W. A. Pizer and B. Prest, Prices versus Quantities with Policy Updating. Working Paper 22379, 2016.
DOI : 10.3386/w22379
URL : https://doi.org/10.3386/w22379

W. A. Pizer and A. J. Yates, Terminating Links Between Emission Trading Programs, Journal of Environmental Economics & Management, vol.71, pp.142-59, 2015.
DOI : 10.3386/w20393
URL : https://doi.org/10.3386/w20393

P. Icap, Emissions Trading in Practice: A Handbook on Design and Implementation, Partnership for Market Readiness (PMR) and International Carbon Action Partnership (ICAP), 2016.

J. W. Pratt, Risk Aversion in the Small and in the Large, Econometrica, vol.32, issue.1-2, pp.122-158, 1964.

P. Quirion, Does Uncertainty Justify Intensity Emission Caps?, Resource & Energy Economics, vol.27, issue.4, pp.343-53, 2005.
DOI : 10.1016/j.reseneeco.2005.05.002
URL : https://hal.archives-ouvertes.fr/halshs-00007162

M. Ranson and R. N. Stavins, Linkage of Greenhouse Gas Emissions Trading Systems: Learning from Experience, Climate Policy, vol.16, issue.3, pp.284-300, 2016.
DOI : 10.2139/ssrn.2391272
URL : http://www.hks.harvard.edu/fs/rstavins/Monographs_%26_Reports/Ranson%26StavinsLinkageCOP-19.pdf

M. O. Ravn and H. Uhlig, On Adjusting the Hodrick-Prescott Filter for the Frequency of Observations, Review of Economics and Statistics, vol.84, issue.2, pp.371-80, 2002.

D. Ray and R. Vohra, Equilibrium Binding Agreements, Journal of Economic Theory, vol.73, issue.1, pp.30-78, 1997.

D. Ray and R. Vohra, A Theory of Endogenous Coalition Structures, Games & Economic Behavior, vol.26, issue.2, pp.286-336, 1999.

L. Redmond and F. Convery, The Global Carbon Market-Mechanism Landscape: Pre and Post, Perspectives. Climate Policy, vol.15, issue.5, pp.647-69, 2015.

K. Rehdanz and R. S. Tol, Unilateral Regulation of Bilateral Trade in Greenhouse Gas Emission Permits, Ecological Economics, vol.54, issue.4, pp.397-416, 2005.

T. Requate, Incentives to Innovate under Emission Taxes and Tradeable Permits, European Journal of Political Economy, vol.14, issue.1, pp.139-65, 1998.

T. Requate, Dynamic Incentives by Environmental Policy Instruments ? A Survey, Ecological Economics, vol.54, issue.2-3, pp.175-95, 2005.

M. J. Roberts and A. M. Spence, Effluent Charges and Licenses under Uncertainty, Journal of Public Economics, vol.5, issue.3, pp.193-208, 1976.

M. Rothschild and J. E. Stiglitz, Increasing Risk II: Its Economic Consequences, Journal of Economic Theory, vol.3, issue.1, pp.66-84, 1971.

J. D. Rubin, A Model of Intertemporal Emission Trading, Banking and Borrowing, Journal of Environmental Economics & Management, vol.31, issue.3, pp.269-86, 1996.

A. P. Rutherford, Linking Emissions Trading Schemes: Lessons from the EU-Swiss ETSs, Carbon & Climate Law Review, vol.8, issue.4, pp.282-90, 2014.

S. W. Salant, What Ails the European Union's Emissions Trading System?, Journal of Environmental Economics & Management, vol.80, pp.6-19, 2016.

S. W. Salant and D. W. Henderson, Market Anticipations of Government Policies and the Price of Gold, Journal of Political Economy, vol.86, issue.4, pp.627-675, 1978.

S. W. Salant, W. M. Shobe, and N. Uler, Action at a Distance: How Non-Binding Price Collars Affect Spot Prices in Emissions Markets, Work in Progress, 2017.

P. A. Samuelson, Stochastic Speculative Price, Proceedings of the National Academy of Sciences, vol.68, issue.2, pp.335-342, 1971.

A. Sandmo, On the Theory of the Competitive Firm under Price Uncertainty, American Economic Review, vol.61, issue.1, pp.65-73, 1971.

L. J. Savage, The Foundations of Statistics, 1954.

S. M. Schennach, The Economics of Pollution Permit Banking in the Context of Title IV of the 1990 Clean Air Act Amendments, Journal of Environmental Economics & Management, vol.40, issue.3, pp.189-210, 2000.

R. Schmalensee and R. N. Stavins, The SO2 Allowance Trading System: The Ironic History of a Grand Policy Experiment, Journal of Economic Perspectives, vol.27, issue.1, pp.103-125, 2013.

R. Schmalensee and R. N. Stavins, Lessons Learned from Three Decades of Experience with Cap and Trade, Review of Environmental Economics & Policy, vol.11, issue.1, pp.59-79, 2017.

D. Schmeidler, Subjective Probability and Expected Utility without, Additivity. Econometrica, vol.57, issue.3, pp.571-87, 1989.
DOI : 10.4324/9780203358061_chapter_5
URL : http://www.dklevine.com/archive/refs47662.pdf

A. Schopp, W. Acworth, D. Hauptmann, and K. Neuhoff, Modelling a Market Stability Reserve in Cabon Markets. Discussion Paper 1483, Journal of Environmental Economics & Management, vol.66, issue.2, pp.319-355, 2013.
DOI : 10.2139/ssrn.2616333
URL : https://www.econstor.eu/bitstream/10419/110328/1/825847230.pdf

A. Snow, Ambiguity Aversion and the Propensities for Self-Insurance and SelfProtection, Journal of Risk and Uncertainty, vol.42, issue.1, pp.27-43, 2011.
DOI : 10.1007/s11166-010-9112-y

W. Sterk, M. Braun, C. Haug, K. Korytarova, and A. Scholten, Ready to Link Up? Implications of Design Differences for Linking Emissions Trading Schemes, 2006.

T. Strzalecki, Axiomatic Foundations of Multiplier Preferences, Econometrica, vol.79, issue.1, pp.47-73, 2011.
DOI : 10.2139/ssrn.1523822
URL : https://dash.harvard.edu/bitstream/handle/1/14397610/strzalecki-multiplier.pdf?sequence=1

T. Strzalecki, Temporal Resolution of Uncertainty and Recursive Models of Ambiguity Aversion, Econometrica, vol.81, issue.3, pp.1039-74, 2013.
DOI : 10.2139/ssrn.1703054
URL : https://dash.harvard.edu/bitstream/handle/1/12967691/ecta9619.pdf?sequence=1

F. G. Tiche, S. E. Weishaar, and O. Couwenberg, Carbon Leakage, Free Allocation and Linking Emissions Trading Schemes, Carbon & Climate Law Review, vol.8, issue.2, pp.97-105, 2014.
DOI : 10.2139/ssrn.2354235

F. G. Tiche, S. E. Weishaar, and O. Couwenberg, Carbon Market Stabilisation Measures: Implications for Linking, 2016.

T. Tietenberg, Tradeable Permits for Pollution Control when Emission Location Matters: What Have We Learned?, Environmental & Resource Economics, vol.5, issue.2, pp.95-113, 1995.
DOI : 10.1007/bf00693018

T. Tietenberg, Emissions Trading: Principles & Practice, Resources for the Future Press, 2006.

C. P. Traeger, Why Uncertainty Matters: Discounting under Intertemporal Risk Aversion and Ambiguity, Economic Theory, vol.56, issue.3, pp.627-64, 2014.
DOI : 10.1007/s00199-014-0800-8
URL : https://cloudfront.escholarship.org/dist/prd/content/qt2w614303/qt2w614303.pdf

N. Treich, The Value of a Statistical Life under Ambiguity Aversion, Journal of Environmental Economics & Management, vol.59, issue.1, pp.15-26, 2010.

R. Trotignon, Combining Cap-and-Trade with Offsets: Lessons from the EUETS, Climate Policy, vol.12, issue.3, pp.273-87, 2012.
DOI : 10.1080/14693062.2011.637820

A. Tuerk and A. F. Gubina, Linking Emission Trading Schemes: Concepts, Experiences and Outlook, Research Handbook on Emissions Trading, pp.309-334, 2016.
DOI : 10.4337/9781784710620.00023

A. Tuerk, M. Mehling, C. Flachsland, and W. Sterk, Linking Carbon Markets: Concepts, Case Studies and Pathways, Climate Policy, vol.9, issue.4, pp.341-57, 2009.

E. Tvinnereim, The Bears Are Right: Why Cap-and-Trade Yields Greater Emission Reductions than Expected, and what that Means for Climate Policy, Climatic Change, vol.127, issue.3, pp.447-61, 2014.
DOI : 10.1007/s10584-014-1282-1
URL : https://link.springer.com/content/pdf/10.1007%2Fs10584-014-1282-1.pdf

, Paris Agreement. Adopted by consensus on 12 December 2015 in Paris: United Nations Framework Convention on Climate Change, 2015.

J. Viaene and I. Zilcha, The Behavior of Competitive Exporting Firms under Multiple Uncertainty, International Economic Review, vol.39, issue.3, pp.591-609, 1998.

D. G. Victor, The Case for Climate Clubs. Policy paper, E15Initiative (International Centre for Trade and Sustainable Development & World Economic Forum), 2015.

F. V. Waugh, Does the Consumer Benefit from Price Instability?, Quaterly Journal of Economics, vol.58, issue.4, pp.602-616, 1944.

M. L. Weitzman, Prices vs, Quantities. Review of Economic Studies, vol.41, issue.4, pp.477-91, 1974.

M. L. Weitzman, Optimal Rewards for Economic Regulation, American Economic Review, vol.68, issue.4, pp.683-91, 1978.

H. Westskog, Why should Emissions Trading be Restricted? Climate Policy, vol.2, pp.97-103, 2002.
DOI : 10.3763/cpol.2002.0208

W. C. Whitesell, Climate Policy Foundations-Science and Economics with Lessons from Monetary Regulation, 2011.

K. P. Wong, A Smooth Ambiguity Model of the Competitive Firm, Bulletin of Economic Research, vol.67, issue.S1, pp.97-110, 2015.

K. P. Wong, Ambiguity and the Value of Hedging, Journal of Futures Markets, vol.35, issue.9, pp.839-887, 2015.
DOI : 10.1002/fut.21678

K. P. Wong, Production and Hedging under Smooth Ambiguity Preferences, Journal of Futures Markets, vol.36, issue.5, pp.506-524, 2016.
DOI : 10.1002/fut.21739

W. Bank, State and Trends of Carbon Pricing, 2015.

A. Xepapadeas, Environmental Policy and Firm Behavior: Abatement Investment and Location Decisions under Uncertainty and Irreversibility, Behavioral and Distributional Effects of Environmental Policy, pp.281-305, 2001.
DOI : 10.3386/t0243
URL : https://doi.org/10.3386/t0243

A. Yates, Decentralization in Pollution Permit Markets, Journal of Public Economic Theory, vol.4, issue.4, pp.641-60, 2002.
DOI : 10.1111/1097-3923.00113

A. J. Yates and M. B. Cronshaw, Pollution Permit Markets with Intertemporal Trading and Asymmetric Information, Journal of Environmental Economics & Management, vol.42, issue.1, pp.104-122, 2001.
DOI : 10.1006/jeem.2000.1153

S. Yi, Stable Coalition Structures with Externalities. Games & Economic Behavior, vol.20, pp.201-238, 1997.
DOI : 10.2139/ssrn.2071
URL : http://www.sogang.ac.kr/~ssyi/papers/CoalGEB.pdf

G. W. Yohe, Substitution and the Control of Pollution: A Comparison of Effluent Charges and Quantity Standards under Uncertainty, Journal of Environmental Economics & Management, vol.3, issue.4, pp.312-336, 1976.

G. W. Yohe, Towards a General Comparison of Price Controls and Quantity Controls under Uncertainty, Review of Economic Studies, vol.45, issue.2, pp.229-267, 1978.

J. Zhao, Irreversible Abatement Investment under Cost Uncertainties: Tradable Emission Permits and Emissions Charges, Journal of Public Economics, vol.87, issue.12, pp.2765-89, 2003.
DOI : 10.1016/s0047-2727(02)00135-4
URL : http://www.card.iastate.edu/publications/dbs/pdffiles/00wp252.pdf

J. Zhu, Assessing China's Discriminative Tax on Clean Development Mechanism Projects: Does China's Tax Have so Many Functions?, Journal of Environmental Planning & Management, vol.57, issue.3, pp.447-66, 2014.
DOI : 10.1080/09640568.2012.750236