1. Grubb, M. Strengthening the EU ETS: creating a stable platform for energy sector investment. (2012).
2. Weitzman, M. L. Prices vs. Quantities. The Review of Economic Studies 41, 477–491 (1974).
3. Hoel, M. & Karp, L. Taxes versus quotas for a stock pollutant. Resource and Energy Economics 24, 367–384 (2002).
4. Newell, R. G. & Pizer, W. A. Regulating stock externalities under uncertainty. Journal of Environmental Economics and Management 45, 416–432 (2003).
5. Gerlagh, R. & Heijmans, R. Regulating Stock Externalities. SSRN Journal (2018) doi:10.2139/ssrn.3338712.
6. Karp, L. & Zhang, J. Regulation of Stock Externalities with Correlated Abatement Costs. Environmental and Resource Economics 32, 273–300 (2005).
7. Pizer, W. A. & Prest, B. C. Prices versus Quantities with Policy Updating. Journal of the Association of Environmental and Resource Economists 7, 483–518 (2020).
8. Zhao, J. Irreversible abatement investment under cost uncertainties: tradable emission permits and emissions charges. Journal of Public Economics 87, 2765–2789 (2003).
9. Karp, L. & Zhang, J. Taxes versus quantities for a stock pollutant with endogenous abatement costs and asymmetric information. Economic Theory 49, 371–409 (2012).
10. Roberts, M. J. & Spence, M. Effluent charges and licenses under uncertainty. Journal of Public Economics 5, 193–208 (1976).
11. Pizer, W. A. Combining price and quantity controls to mitigate global climate change. Journal of Public Economics 85, 409–434 (2002).
12. Grüll, G. & Taschini, L. Cap-and-trade properties under different hybrid scheme designs. Journal of Environmental Economics and Management 61, 107–118 (2011).
13. Fell, H., MacKenzie, I. A. & Pizer, W. A. Prices versus quantities versus bankable quantities. Resource and Energy Economics 34, 607–623 (2012).
14. Abrell, J. & Rausch, S. Combining price and quantity controls under partitioned environmental regulation. Journal of Public Economics 145, 226–242 (2017).
15. Perino, G. New EU ETS Phase 4 rules temporarily puncture waterbed. Nature Climate Change 8, 262–264 (2018).
16. Bruninx, K., Ovaere, M. & Delarue, E. The long-term impact of the market stability reserve on the EU emission trading system. Energy Economics 89, 104746 (2020).
17. Carlén, B., Dahlqvist, A., Mandell, S. & Marklund, P. EU ETS emissions under the cancellation mechanism - Effects of national measures. Energy Policy 129, 816–825 (2019).
18. Azarova, V. & Mier, M. Market Stability Reserve under exogenous shock: The case of COVID-19 pandemic. Applied Energy 283, 116351 (2021).
19. Bruninx, K. & Ovaere, M. COVID-19, Green Deal and recovery plan permanently change emissions and prices in EU ETS Phase IV. Nature Communications 13, 1165 (2022).
20. Deschênes, O., Greenstone, M. & Shapiro, J. S. Defensive Investments and the Demand for Air Quality: Evidence from the NOx Budget Program. American Economic Review 107, 2958–2989 (2017).
21. Zhang, B., Chen, X. & Guo, H. Does central supervision enhance local environmental enforcement? Quasi-experimental evidence from China. Journal of Public Economics 164, 70–90 (2018).
22. Geng, Y., Liu, W., Li, K. & Chen, H. Environmental regulation and corporate tax avoidance: A quasi-natural experiment based on the eleventh Five-Year Plan in China. Energy Economics 99, 105312 (2021).
23. Hintermann, B. Allowance price drivers in the first phase of the EU ETS. Journal of Environmental Economics and Management 59, 43–56 (2010).
24. Aatola, P., Ollikainen, M. & Toppinen, A. Price determination in the EU ETS market: Theory and econometric analysis with market fundamentals. Energy Economics 36, 380–395 (2013).
25. Perino, G. & Willner, M. EU-ETS Phase IV: allowance prices, design choices and the market stability reserve. Climate Policy 17, 936–946 (2017).
26. Scott, S. & Varian, H. Predicting the Present with Bayesian Structural Time Series. Int. J. of Mathematical Modelling and Numerical Optimisation 5, 4–23 (2014).
27. Hale, T. et al. A global panel database of pandemic policies (Oxford COVID-19 Government Response Tracker). Nat Hum Behav 5, 529–538 (2021).
28. Dang, H.-A. H. & Trinh, T.-A. Does the COVID-19 lockdown improve global air quality? New cross-national evidence on its unintended consequences. Journal of Environmental Economics and Management 105, 102401 (2021).
29. Kossoy, A. & Guigon, P. State and Trends of the Carbon Market 2012. https://openknowledge.worldbank.org/handle/10986/13336 (2012).
30. Rittler, D. Price discovery and volatility spillovers in the European Union emissions trading scheme: A high-frequency analysis. Journal of Banking & Finance 36, 774–785 (2012).
31. Brodersen, K. H., Gallusser, F., Koehler, J., Remy, N. & Scott, S. L. Inferring causal impact using Bayesian structural time-series models. Ann. Appl. Stat.9, (2015).