Dear All,

We are delighted to invite you to the Economics Graduate Program Seminar featuring Will Robinson. We are also pleased to recognize Will as the recipient of the William D. Toussaint Best Paper Award. Please join us to celebrate this achievement and hear him present his award-winning research.

Will Robinson
“Transaction Costs of Emissions Offsets: Evidence from California”

Wednesday, August 19
3:00–4:15 PM
Nelson Hall 4210
Zoom link will be provided.

Abstract:
Emissions offsets remain underutilized in California’s cap-and-trade program despite trading at substantial discounts relative to permits. Using compliance data from 2013–2020, the paper identifies fixed transaction costs—including potential learning costs, risk premia, and public-relations concerns—as an important barrier to firms’ adoption of offsets. The analysis estimates substantial heterogeneity in these costs across firms and sectors and evaluates the implications for the cost savings generated by California’s offsets market.

We hope you can join us in congratulating Will and supporting his work!