Pass-through of Emissions Costs in Electricity Markets
---- Acknowledgements -----
We are grateful to Peter Eccles, Denny Ellerman, Jose-Antonio Espín, Joe Harrington, Koichiro Ito, Matti Liski, Thierry Magnac, Marti Mestieri, Juan Pablo Montero, Nancy Rose, Stephen Ryan, Juan Toro, Michael Waterson and Ali Yurukoglu for helpful comments. We also want to thank seminar audicences at CEMFI (Madrid), EARIE Conference (Rome), Jornadas de Economía Industrial (Murcia), 5th Atlantic Workshop on Energy and Environmental Economics (La Toja), University of Arizona (Tucson), the Berkeley-Stanford IO Fest (2011), Toulouse School of Economics, UC Davis, University of Michigan, Columbia University, and Yale University. We are grateful for the contribution of Antonio Jesús Sánchez-Fuentes to this project. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.