Game Analasis Of Chinese Carbon Trading Mechanism

At present, the domestic carbon trading pilots run smoothly, A succession of measures and the timeline have been introduced to develop the unified national carbon emissions trading market, but the domestic carbon trading pilot mechanism design is different, so this paper, on the basis of the seven pilots’ contrast of the initial allocation mechanism and market mechanism, analyzes the theories of free distribution MRV, quota auction mechanism and the secondary market trading mechanism by using the Game method in order to put forward the theoretical support for the pilot carbon trading mechanism design and integration.The research key points, the research methods and the conclusions are as the following four parts. First, free allocation mechanism is analyzed by using the Stackelberg Model, and it is concluded that the market price is one of the factors for enterprise to lie about emissions, egalitarianism is conductive to eliminate polluting enterprises, but ignores the historical responsibility of the enterprise. Establishing tripartite mixed strategy game model including third-party verification institutions to analysis collusion behavior, the suggestions is supporting verification institutions, at the same time increasing the intensity of punishment for conspiracy. Second, Based on the homogeneous multi-unit characteristic of carbon emissions rights, the secondary seal price auction model is more suitable for auction that the number of the buyer is little, and that the buyers can bid according to the real cost in the auction. Third, the thesis shows the feasibility of the combination of Hubei province and Shanghai trading in theory using the indefinite bargaining model and using the improved bidding auction model, and gives the different influence on the buyers and sellers caused by the different commission. Fourth, by selecting ARMA- EGARCH model, representing a pilot carbon emission rights yields on empirical analysis of fitting out the volatility clustering and asymmetry, and analyzing the practical effect of pilot mechanism.