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This thesis studies the stochastic behavior of emission permit prices and its implications for related derivatives from a theoretical and an empirical perspective. It presents an equilibrium model for cap-and-trade systems, evaluates the empirical performance of reduced-form models for emission permit prices, and studies the effects of the yearly emissions announcement event on the European market for carbon emissions.doi:10.5445/ir/1000041162 fatcat:icm7ic4k4zbj7psww4q3h6whrm