Robert Ritz

Robert Ritz is an economist with research interests in industrial organization and environmental economics. His current research focuses on the design of market-based environmental policy and its impact on firms. Two recent projects are on (i) allocating emissions permits in a cap-and-trade scheme (such as the EU ETS) to neutralize any adverse impact on firm profits, and (ii) quantifying the degree of “carbon leakage” when not all firms in an industry are covered by environmental regulation. He is also interested in the economics of cost pass-through and how different types of risk affect investment decisions of oil & gas companies.

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                    [post_content] => This paper examines the impact of an emissions trading scheme (ETS) on industry output price costs emissions market shares and proits. We develop formulae for the number of emissions permits that have to be freely allocated to firms in order to neutralize any adverse impact the ETS may have on proits. Under quite general conditions industry proits are preserved so long as firms are freely allocated a fraction of their total demand for permits with this fraction lower than the industry's Herfindahl index. Our results have important implications for ETS design especially for its ability to raise government revenue.
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                    [post_content] => Carbon leakage is a major concern for policymakers involved with environmental initiatives such as the European Union's emissions trading scheme and similar cap-and-trade proposals in the United States Australia and elsewhere. This paper provides a framework for understanding the drivers underlying carbon leakage at the level of an individual sector in which only a subset of firms is covered by such regulation. It provides simple formulae to estimate leakage rates using information on industry characteristics that is typically available to the analyst. Illustrative estimates for the steel industry in the EU ETS suggest carbon leakage of 25-30% or (much) higher - unless environmental-efficiency improvements by regulated firms are substantial.
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Latest Publications by Robert Ritz

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